Standalone Prescription Drug Plan (PDP)

A Standalone Prescription Drug Plan (PDP) is a type of Medicare Part D plan that offers coverage specifically for prescription drugs.

Here's a summary of a Standalone Prescription Drug Plan:

Penalty Fees

If you're eligible for Medicare Part D (prescription drug coverage) and don't enroll when you're first eligible, you might face a late enrollment penalty if you sign up later without a qualifying exception.

The penalty is calculated by multiplying 1% of the "national base beneficiary premium" by the number of full, uncovered months you were eligible for but didn't have Part D or creditable prescription drug coverage. This penalty is added to your monthly premium for as long as you have a Medicare drug plan.

Exceptional Circumstances

In some cases, individuals may not have to pay the penalty if they had creditable prescription drug coverage, or if they qualify for a Special Enrollment Period (SEP) due to specific circumstances, like losing other creditable drug coverage.

Late Enrollment

If you don’t sign up when you’re first eligible and don’t have creditable prescription drug coverage for 63 days or more in a row after your Initial Enrollment Period ends, you might be subject to the late enrollment penalty if and when you enroll in a Part D plan.

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