Medicare Enrollment
The people eligible for Original Medicare generally can only enroll, make changes, or switch plans at certain times of the year. There are several periods to enroll in Medicare, with each period having certain rules to follow and specific coverage dates. It is important to understand when to enroll in Medicare and when it is right to do so.
Initial Enrollment Period (IEP)
Most Medicare beneficiaries get Medicare Part A and Part B during the Initial Enrollment Period. Medicare beneficiaries have seven months to sign up during the Initial Enrollment Period (IEP). IEP includes the three months before, and after the month, the beneficiaries turn 65, plus their birth month. Even though enrollment can be done anytime during the 7-month enrollment period, coverage will start no sooner than the month the beneficiary turns 65.
Those that are not already collecting Social Security benefits before their IEP starts will need to contact Social Security or apply online for Medicare. Those that want to get the most out of their Medicare and avoid the Part B late enrollment penalty need to complete their enrollment application during this period.
Special Enrollment Period (SEP)
Once the IEP ends, Medicare beneficiaries can sign up for Medicare Part A or Part B during a Special Enrollment Period if they have special circumstances. For example, a Medicare beneficiary may still have group health coverage through an employer or a spouse that is still working. Since Part B comes with a monthly premium, the beneficiary may want to delay enrolling in Medicare to avoid paying an additional premium for coverage they don’t currently need.
When a beneficiary stops working or employer-sponsored coverage ends, there is usually an 8-month SEP to enroll in Medicare. Beneficiaries usually won’t pay the late enrollment penalty if they sign up during this period.
General Enrollment Period (GEP)
Medicare beneficiaries who miss out on their Initial Enrollment Period will have the opportunity to enroll in Medicare during the GEP. This enrollment period occurs between January 1 and March 31 every year with the coverage taking effect July 1. However, Medicare beneficiaries that miss their Initial Enrollment Period may have to pay a late penalty for Medicare Part B enrollment. The fee will be higher for those that wait until another enrollment period before applying for Medicare Part B.
Open Enrollment Period (OEP)
The Open Enrollment Period allows Medicare beneficiaries to change their coverage. This means the beneficiary must have coverage to be eligible for OEP. The OEP lasts from October 15 to December 7, and the changes you make will take effect starting January 1 of the following year. Beneficiaries can also drop coverage at any time by contacting their local Social Security office.
SENIOR INSURANCE SALES IS HERE TO HELP
If you have any questions about Medicare enrollment and how these periods may impact you, please reach out to Senior Insurance Sales. We will work with you to find the best coverage for your healthcare needs.