In this contribution to the memorial issue of Göran Lindblad, we investigate the periodically driven Lindblad equation for a two-level system. We analyze the system using both adiabatic diagonalization and numerical simulations of the time-evolution, as well as Floquet theory. Adiabatic diagonalization reveals the presence of exceptional points in the system, which depend on the system parameters. We show how the presence of these exceptional points affects the system evolution, leading to a rapid dephasing at these points and a staircase-like loss of coherence. This phenomenon can be experimentally observed by measuring, for example, the population inversion. We also observe that the presence of exceptional points seems to be related to which underlying Lie algebra the system supports. In the Floquet analysis, we map the time-dependent Liouvillian to a non-Hermitian Floquet Hamiltonian and analyze its spectrum. For weak decay rates, we find a Wannier-Stark ladder spectrum accompanied by corresponding Stark-localized eigenstates. For larger decay rates, the ladders begin to dissolve, and new, less localized states emerge. Additionally, their eigenvalues are exponentially sensitive to perturbations, similar to the skin effect found in certain non-Hermitian Hamiltonians.