If you are eligible for Original Medicare, you can only enroll, drop a plan, or switch plans at certain times during the year. If you happen to miss the window when you can enroll or make changes, you may endure late enrollment penalties.
There are different parts to Medicare. Each one has specific rules when it comes to enrolling or making changes. You can avoid Medicare enrollment pitfalls if you understand the various Medicare enrollment periods. Here is an overview of the different Medicare enrollment periods so that you can plan ahead.
Initial Enrollment Period (IEP)
If you are new to Medicare, the Initial Enrollment Period is when you are officially allowed to enroll. The IEP is a 7-month window determined by the month the Medicare beneficiary turns 65. This comprises of the three months before you turn 65, the month you turn 65, and three months after you turn 65. During the IEP, you may join Original Medicare, and Medicare Part D. Beneficiaries can also enroll in Part C.
General Enrollment Period (GEP)
If you miss signing up for Medicare during the IEP, you can sign up during the GEP, which occurs between January 1 to March 31 of each year. You can enroll in an Original Medicare plan during this time. Keep in mind that you may be penalized for enrolling late in Medicare if you didn’t enroll when you were first eligible.
Special Enrollment Period (SEP)
If you miss the IEP or delay enrolling for Medicare, you may qualify for SEP. Depending on why you missed your IEP, a couple of factors determine if you’ll be eligible for SEP. Some of the possibilities under which you can qualify for SEP include a loss of current Medicare coverage, a change in where you live, or when your plan changes its contract with Medicare.
Annual Enrollment Period
The Annual Enrollment Period, also known as Open Enrollment, starts October 15 to December 7 each year. During this period, you can make changes to your current Medicare plan. Whether you are adding a prescription drug plan or changing from Original Medicare to Medicare Advantage (MA) plan or vice versa, this enrollment period is a great time to change your plan, especially if you don’t qualify for SEP.
Enrolling in a Medicare Plan
If you are ready to sign up for a Medicare plan, call an experienced Medicare expert. At Simple Retirement Benefits, we can help you select the right Medicare plan for you and help determine the best time to enroll in a Medicare plan.
