Medicare Enrollment

If you are nearing Medicare eligibility, you need to be aware of the different enrollment periods. If you delay your enrollment in Medicare without having other health insurance in place, you could face late enrollment penalties.

Initial Enrollment Period

The Initial Enrollment Period (IEP) is a personalized enrollment period that starts three months before the month of your 65th birthday and ends three months after. If your birthday is on the first of the month, your enrollment period will begin one month early.

During IEP, you can enroll in Original Medicare, Medicare Advantage, or Medicare Part D (prescription drug coverage).

Once you are enrolled in Part A and Part B, you will have six months to enroll in a Medicare Supplement plan. During the six months, you will not be denied a supplement plan for any health reason. However, after the six-month period, you may have to go through medical underwriting.

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Open Enrollment Period

The Medicare Open Enrollment Period lasts from October 15 through December 7 each year. During this period, beneficiaries can make changes to their coverage. For example, you can switch coverage from Original Medicare to a Medicare Advantage Plan. You can also join a prescription drug coverage plan or drop your current coverage completely.

General Enrollment Period

The General Enrollment Period (GEP) lasts from January 1 to March 31 each year. If you did not enroll in Medicare during your IEP, the GEP grants you a second chance. However, your coverage will not begin until July 1.

Special Enrollment Period

To make Medicare changes during a Special Enrollment Period (SEP), there are certain events that need to happen before eligibility is available:

You move out of your plan’s service area
You lose your current coverage
Your plan’s contract with Medicare changes

If you fall under these categories, you can make changes to your Medicare coverage through SEP.

For more information regarding Medicare’s enrollment periods, reach out to Senior Savings USA.