The Four Enrollment Periods
There are multiple variations to these enrollment periods, so we highly encourage talking with one of our agents!
Initial Enrollment Period
The Initial Enrollment Period runs during the three months prior to your 65th birth month, includes your birthday month, and runs for the three calendar months after, giving you a total of seven months. You are eligible for your Initial Medicare Enrollment Period because you are coming up to age 65.
This does get a little complicated at times. For instance, if your birthday is March 25th and you want to enroll into Medicare’s Parts A and B, your coverage would be effective as of March 1st. Medicare is always effective on the first day of your birth month unless your birthday happens to fall on the first day of a month.
If your birthday lands on the 1st of the month your effective date will be moved up one full month. Therefore, if your birthday were March 1st, your Medicare would begin on February 1st.
Note that if you enrolled in the month of your birthday or the 3 months after, your coverage would have a delayed start date. This is something to be aware of.
It can take a bit of effort and strategy to enroll in the right month to ensure that your coverage begins when you want and need it to.
Annual Enrollment Period
(Oct 15th – Dec 7th)
This period is for individuals who are already enrolled into Medicare, but would like to:
1. Enroll into a Medicare Advantage Plan.
2. Change from one Medicare Advantage plan to another.
3. Enroll into a stand-alone prescription drug plan.
4. Change from a stand-alone prescription drug plan to another.
You can make these adjustments every year. When you enroll into the new plan between October 15th – December 7th, the new plan will start January 1st of the following year.
Open Enrollment Period
(January 1- March 31)
The Open Enrollment Period is when people go into the Social Security office and start their Medicare enrollment into Part B. Their coverage, however, will not begin until July of the current year.
If your coverage ended in October, but you didn’t enroll into Part B at the right time, your coverage will be delayed. As your coverage ends in October, you will have to wait to file for Part B until January and that coverage won’t start until July.
In addition to having a gap in coverage, you will receive a late enrollment penalty that will stay with you every month of your life while being enrolled into Medicare.
Special Enrollment Period
The Special Enrollment Period is often for special life circumstances that occur. Moving, losing coverage, and becoming eligible for or losing Medicaid, and/or Extra Help are all considered special life circumstances.
One example is if you are already over 65 years old and are going to retire, you need to establish what start date that you’ll need to secure with Medicare. Once that is established, you can file an employer verification form that you’ll take to your employer’s office and have them sign off that you have had coverage with them since you were 65 years old.
That form along with an application for Medicare’s Part B (if you already have Part A) will go to your local Social Security office to be filed requesting your effective date. This prevents you from a late enrollment penalty. You are allowed an eight-month period to enroll into Part B after leaving an employer’s coverage.
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We can get you enrolled in no time. Contact us today and let us help you get a head start with all your medicare needs!