Medicare Enrollment
With different names and dates, Medicare Enrollment can be particularly confusing. This confusion can cause many people to miss their Medicare enrollment period. At Simple Retirement Benefits, we’ll explain the different enrollment periods and help you sign up for the right Medicare plan.
Initial Enrollment Period
Also called the Initial Election Period (IEP), this is when individuals are first eligible to enroll in Medicare. The period begins three months before the month of your 65th birthday, includes your birth month, and lasts for three months after it. So, it’s a seven-month window.
Annual Enrollment Period
Medicare’s Annual Enrollment Period (AEP) goes from October 15 to December 7. It’s sometimes called the Annual Election Period. During this time, those eligible for Medicare can change their plan choice — with an effective date of January 1 of the following year.
Open Enrollment Period
The Open Enrollment Period (OEP) goes from January 1 to March 31. It’s sometimes called the General Enrollment Period. During this time, those enrolled in a Medicare Advantage program can disenroll and return to Original Medicare — or make ONE change to a different Advantage plan. If you decide to return to Original Medicare, you have until March 31st to enroll in a (Part D) prescription drug plan.
Special Enrollment Period
This is when people can sign up for a Medicare plan outside of regular enrollment periods due to unique circumstances, like:
- Moving to a new service area
- Losing active employer group coverage
- Becoming eligible for a Dual Eligible Special Needs Plan
If you think you might be eligible for a Special Enrollment Period (SEP) or you want more information, call 512-432-5414.
The Medigap Open Enrollment Period
The four enrollment periods listed above are the key ones. Next, once you’re enrolled in Original Medicare, you’ll also qualify for a one-time, six-month open enrollment window for Medigap policies. This begins on the day you start Medicare Part B, ending six months after this date. During this window, you can sign up for any Medicare Supplement plan that you like — without answering any health questions.
If You Miss Your Enrollment Period
Missing an important date could result in late financial penalties and/or a gap in health coverage. You don’t want to risk paying more than you should for the insurance plan you want.
Simple Retirement Benefits Can Help
Not sure which Medicare enrollment period you need to watch for? Simple Retirement Benefits can help. Contact our team today.
