To avoid late enrollment penalties when enrolling in Medicare, you need to enroll in an enrollment period. But, which Medicare enrollment period is right for you?
Initial Enrollment Period
The Initial Enrollment Period, also known as IEP, is entirely based around the month you turn 65, which is the eligibility age for Medicare. IEP begins three months before your 65th birthday, and last through three months after your 65th birthday, giving you a seven-month window to enroll in Medicare.
Once your Part B coverage becomes effective, you will have six months to enroll in a Medicare Supplement plan. This is known as the Medigap Open Enrollment Period. During these six months, you cannot be denied coverage from any supplement plan due to health reasons. However, if you do not enroll in a plan during this period and choose to do so afterward, plans can deny you coverage.
General Enrollment Period
Suppose you do miss the IEP for whatever reason. You can still enroll during the General Enrollment Period (January 1 to March 31). Once you enroll in Medicare during this period, your coverage will become effective on July 1.
Special Enrollment Period
Suppose you were covered under your employer’s insurance, moved outside of your current plan’s service area, or lost your current coverage. In that case, you can qualify for a Special Enrollment Period (SEP). However, depending on the circumstance you are in, the guidelines can vary with each SEP.
Annual Open Enrollment Period
The Annual Open Enrollment Period beings October 15 and lasts through December 7. During this period, you can change your Original Medicare coverage to a Medicare Advantage plan, switch Advantage Plans, or change Part D plans.
Midwest Medigap Can Help You Enroll
If you are turning 65 or already have Medicare and are still unsure which enrollment periods are best for you to enroll or make changes in, give Midwest Medigap a call today. Our team will keep you informed on important Medicare dates so you can avoid paying more than you have to.
