What if I didn’t select a Medicare prescription drug plan by May 2006?
There could be a penalty if you did not join during the initial enrollment period, which was November 15, 2005, to May 15, 2006. The penalty is 1% for every month you did not enroll, but were eligible. The exception is if you have creditable coverage, meaning you have a plan that is on average at least as good as the standard Medicare Part D coverage.
