Here are five insights:
1. The study found hundreds of thousands of Americans have lifetime enrollment penalties totaling $5,000.
2. Many beneficiaries pay penalties monthly.
3. The study found most penalties are associated with confusion about the Medicare program.
4. Forty-six percent of seniors reported they didn’t know if Medicare part D had late enrollment fees.
5. Some Medicare beneficiaries reported they pay more than $50 monthly in late enrollment penalties.
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