Medicare Enrollment Periods
Key Points
-
Enrollment periods are specific windows that let you sign up for Medicare or Medicare Plans.
-
You enroll in Part A and B during your Initial Enrollment Period.
-
You also have specific windows for Medicare Advantage, Prescription Drug Plans, and in some cases Medigap.
Initial Enrollment Period (IEP)
Is a 7-month window that includes the 3 months before, the month of, and the 3 months after your 65th birthday. If you enroll during the 3 months after your birthday, coverage starts on the 1st of the following month. This period also applies to signing up for Medicare Advantage or Part D plans.
Annual Election Period (AEP)
Runs from October 15th to December 7th each year. During this time, Medicare beneficiaries with Part A and Part B can enroll in, change, or drop a Part D or Medicare Advantage plan.
General Enrollment Period (GEP)
Runs from January 1st to March 31st each year. If you missed your Initial Enrollment Period and don’t qualify for a Special Enrollment Period, you can use the GEP to enroll in Medicare Part A and/or Part B. Coverage starts on the 1st of the month after you apply.
Medicare Advantage Open Enrollment Period (MAOEP)
Runs from January 1st to March 31st. During this time, beneficiaries can switch Medicare Advantage plans or move to Original Medicare with a Part D plan.
Special Enrollment Period (SEP)
Is for beneficiaries with qualifying events. If you delayed Medicare due to creditable coverage from active employment, you can use this period to apply for Parts A and B. SEPs also apply to Medicare Advantage and Part D plans, allowing a 2-month window to enroll if you have a qualifying event.
Medigap Open Enrollment Period
When you first enroll in Medicare Part B, you have 6 months to sign up for a Medigap plan without medical underwriting. Although the Medigap plan cannot start before your Part B effective date, you can apply early to ensure coverage begins on the same day as Part B. Outside this window, you may need to answer health questions to enroll in Medigap.
Refer a loved one and receive a $15 Amazon gift card
What If You Miss IEP?
-
Late Enrollment Penalties: For Part B, a 10% penalty per year missed. For Part D, a 1% penalty per month without coverage.
-
General Enrollment Period (GEP): From January 1 to March 31, for those who missed their IEP. Coverage starts the 1st of the following month.
Key Takeaways
-
Medicare has specific enrollment periods for various plans.
-
Missing these periods can lead to penalties and gaps in coverage.
-
Contact us to navigate your Medicare options and deadlines.
Be the first to know
Subscribe to our newsletter to receive news and updates.