Recounting important events in your life isn’t necessary. Important dates on your calendar include grandparents’ birthdays, your anniversary, summer vacations, and doctor’s appointments. You’ll want to keep in mind key moments as well, like when you can join Medicare. Medicare has an enrollment period that is a timeframe to enroll in the program.
You can sign up for Medicare within seven months of turning 65.
It’s possible that your coverage would be delayed if you don’t enroll on time, or you could encounter penalties later on. This will ultimately cost you more. You should know these enrollment periods:
1. Enrollment during the Initial Period
Congratulations! You’ve reached 65! Your Medicare coverage is now available. A seven-month window is available to join during this time, starting three months prior to your 65th birthday and ending three months after your 65th birthday. While you are in this phase, you can:
- Ensure you are taken care of by Medicare, parts A and B.
- A separate Medicare prescription drug plan (Part D) should be added.
- Take advantage of a Medicare Advantage plan (Part C).
When you turn 65, you may be penalized with higher premiums if you fail to enroll in Medicare Parts A and B or Part D.
Tip:
As long as you receive Social Security and Original Medicare (Parts A and B) When you are 65, you will automatically be enrolled.
2. Medicare Supplement Open Enrollment Period
It is best to purchase the Medicare Supplement plan during the six-month enrollment period — as long as you have already elected to join Medicare Part B — that starts the first day of the month you turn 65.
A Medicare Supplement plan may be unavailable to you if you do not sign up for the plan during the Medigap Open Enrollment Period. It may be necessary for you to answer medical questions unless you have a guaranteed issue right.
3. Enrollment period for general enrollment
The following conditions must be met in order to be eligible for Part A and Part B:
- The first time you were eligible, you did not sign up.
- There are no Special Enrollment Periods for you.
Starting July 1, you will have coverage. There may be penalties as well.
4. An Enrollment Period every year
Any individual can enroll in or change their coverage to Medicare every year by October 15th through December 7th.
- Original Medicare can be exchanged for Medicare Advantage coverage — or vice versa.
- Medicare Advantage plans can be switched so that you can receive more coverage with prescription drug coverage, or vice versa.
- No matter whether you join or drop Medicare prescription drug plans, they are still available.
- Switch to a new plan or switch to a new insurer to update your coverage.
Your new coverage starts on January 1 and will last through the end of the year you choose to make a change.
Tip:
You don’t have to switch if you’re pleased with your current coverage. The Medicare plan you have in most cases renews automatically on January 1.
5. Medicaid Open Enrollment Period Advantages
January 1 through March 31 of each year is the period of this transition. People enrolled in Medi-Care can elect to move to a different Medicare Advantage plan or Original Medicare for a one-time election.
No matter which way you choose, your new coverage will come into effect on the date your change is made.
Tip:
The Medicare Supplement plan is also available if you get Original Medicare. The insurance companies are no longer required to accept your Medicare Supplement plan application unless you are still within the six-month Medicare Supplement Enrollment Period.
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