Initial Enrollment Period (IEP)
Medicare Enrollment during your Initial enrollment period into Medicare is important. Not understanding or enrolling in the proper parts of Medicare when first enrolling can potentially cause you to have to pay life-long penalties or not be properly covered.
If you are still working and have creditable coverage (coverage equivalent to Medicare) through your job, then you can postpone applying for your Medicare till you retire or lose that coverage. This can be done during an SEP.
Medicare Special Enrollment Period (SEP)
The Medicare Special Enrollment Period is an eight-month period that begins either the month you or your spouse quits working or the month your group coverage ends, whichever comes first OR
anytime a qualifying event occurs.
Some common qualifying events:
If you delayed Medicare past age 65 due to creditable coverage through active employment and are now retiring you could use this SEP to apply for Medicare A/B and enroll into a plan.
2. You lose your current coverage
3. You move to a new home
4. You have a chance to get other coverage (New Plan, 5 Star plan, SNP)
5. You recently qualified for assistance or Medicare along with Medicare
6. You received a notice of error from your Medicare or your Plan
Creditable Coverage – which means that the coverage is expected to pay on average as much as the standard Medicare prescription drug coverage
SNP (Special Needs Plan) – Plans for people who:
1) people who live in certain institutions (like a nursing home) or who require nursing care at home
2) people who are eligible for both Medicare and Medicaid
3) people who have specific chronic or disabling conditions
Annual Enrollment Period (AEP)
October 15th - December 7th
Medicare beneficiaries that already have Part A and Part B can use this election period to enroll in, change, renew or disenroll from a Part D, Medicare Supplement Plan or Medicare Advantage plan that will start on January 1st, the following year.
Open Enrollment Period
January 1st – March 31st
This period is for those who are enrolled in a Medicare Advantage Plan. If you’re unhappy with your Medicare Advantage Plan (Medicare Part C), you have options. During this time, if you’re in a Medicare Advantage Plan and want to change your health plan, you can do one of these:
- Switch to a different Medicare Advantage Plan with or without drug coverage
- Go back to Original Medicare and, if needed, also join a Medicare Prescription Drug Plan
General Enrollment Period (GEP)
January 1st – March 31st
The General Enrollment Period for Medicare takes place from January 1 through March 31 of every year. If you didn’t enroll into Original Medicare during your IEP, you can use the GEP to enroll in Part A and/or Part B at any time during this enrollment period. When you enroll during this time, your coverage begins on July 1. It’s likely since you delayed enrollment that you’ll pay a Part B late enrollment penalty.
Medi-Gap Enrollment Period
The General Enrollment Period for Medicare takes place from January 1 through March 31 of every year. If you didn’t enroll into Original Medicare during your IEP, you can use the GEP to enroll in Part A and/or Part B at any time during this enrollment period. When you enroll during this time, your coverage begins on July 1. It’s likely since you delayed enrollment that you’ll pay a Part B late enrollment penalty.
