When it comes to Medicare, one thing is certain- there are a lot of open enrollment windows, and rules on when to apply as well as exceptions to these rules. If you don’t apply at the right time you could phase a potential lapse in coverage or even with penalties that last for a lifetime. So, let’s explain each enrollment period to see which of them you need to be aware the most as a new Medicare benekficiary.
Initial Enrollment Period
If you are new to Medicare the first thing you want to be aware of is your Initial Enrollment Period or IEP. This is a 7-month window that starts 3 months before you are 65, including your birth month, and ends three months after you turned 65. This is the window when you get to enroll in Medicare parts A and B to avoid any penalties in the future. If you get Parts A and B in the early part of this window your coverage starts the first day of the month you turn 65. If you enroll after you turn 65 your Part B coverage could be delayed. However, if you are collecting Social Security benefits prior to your 65 birthday you will be enrolled in Parts A and B automatically.
Special Enrollment Period
You can enroll in Medicare during the Special Enrollment Period but only if you qualify for it. To enroll during the Special Enrollment Period, you need to meet certain requirements, such as:
- You moved outside of the plan’s service area
- You had unintentional loss of coverage
- You received both Medicare and Medicaid benefits
During this period, you can return to Original Medicare without a penalty, sign up for a Medicare Supplement Plan, purchase a Medicare Advantage Plan, purchase a Part D plan, or switch your Advantage Plan or Part D plan.
Annual Enrollment Period
If you are already enrolled in Medicare, then you can enroll, change, or drop your Medicare Advantage or Part D plans. This period starts on October 15 and ends on December 7 every year. Be aware, that Medicare doesn’t ask of beneficiaries to enroll in Part D ( drug prescription plan) during the Initial Enrollment Periods but if you do not do so when you were first eligible and didn’t have creditable prescription drug coverage you can get your Part D during AEP, but you will face with late enrollment Part D penalty.
What happens if I miss enrollment?
As already said, If you miss your Initial enrollment period and do not have any other creditable health coverage, you will be subjected to penalties that will usually be added to your premium payments and will be paid for as long as you continue to have coverage with Medicare.
For all of your questions about enrolling in Medicare, contact a Medicare specialist, like the ones at Temmen Insurance. Give us a call at 417-633-7200.