Medicare Glossary

Late Enrollment Penalty

A higher premium added permanently to your Part B or Part D premium if you don't sign up for coverage when you are first eligible and don't have other qualifying coverage. The Part B penalty is 10% for each full 12-month period you were eligible but didn't enroll. The Part D penalty is 1% of the national base premium per month.

Also known as: LEP

ZIP Code Enrollment

The process of using your ZIP code to find Medicare Advantage or Part D plans available in your area. Plan availability, provider networks, and premiums can vary significantly based on your geographic location.