Different Medicare Enrollment Periods

When you sign up for Medicare, one of the most important things to remember is the enrollment period. There are several windows of the year when you can enroll in Medicare or make changes to your plan. Each of these enrollment periods serves a different purpose. Since there are different dates to remember, Medicare enrollment and eligibility can be confusing. 

If you're having a hard time understanding the enrollment periods, this blog post is for you. We’ll discuss these Medicare windows so that you can avoid missing important enrollment deadlines. From the initial enrollment to the annual open enrollment period, here are the key dates you need to know:

Initial Enrollment Period (IEP)

Unless you qualify for Medicare early due to a disability, end-stage renal disease, or ALS (Lou Gehrig’s disease), the first time you can enroll is called the initial enrollment period. This is the seven-month window when most people become eligible for Medicare. This starts three months before your 65th birthday, through your birthday month, and ends three months after you turn 65. During this timeframe, you become eligible to enroll in:

• Original Medicare (Part A and Part B)
• Medicare Advantage Plan (Part C)
• Prescription Drug Coverage (Part D)

If you miss your IEP, late enrollment penalties apply. Don’t worry because you can still enroll during either the special enrollment period (SEP) or the general enrollment period (GEP).

General Enrollment Period (GEP)

The next opportunity to sign up for Medicare is during the general enrollment period or GEP. This enrollment window runs from January 1st to March 31st each year. Your coverage usually starts the month after you sign up. During the GEP, an individual can sign up for traditional Medicare (Part A and/or Part B).

Take note that enrolling in Medicare during the general enrollment period may result in late fees. These penalties are added to your monthly premium.

Special Enrollment Period (SEP)

When certain life events happen in your life, you can sign up for Medicare during the special enrollment period or SEP. Common qualifying life events are the following:

• Moving out of your plan’s service area
• Getting married or divorced
• Losing your current health coverage
• Moving into or out of a skilled nursing facility or long-term care hospital
• Moving back to the US after living outside the country

During the SEP, you can enroll in and make changes to your Medicare at any time without penalty. Eligible individuals may begin the application process within 60 days following the qualifying event. If you fail to apply within the 60-day window, you’ll need to wait until the next enrollment period to register.

Annual Fall Enrollment Period (AEP)

The annual enrollment period or AEP allows you to make changes to your current healthcare coverage. The AEP happens each year from October 15th to December 7th. This is the time when you can update your Medicare Advantage and Part D prescription drug plans. During the AEP, you won’t be able to adjust your Medicare Supplement or Medigap plan. All changes made during the AEP will take effect on January 1st of the following year.

Here’s a quick rundown of what changes you can make during the AEP:

• Change from Original Medicare (Part A & Part B) to a Medicare Advantage plan
• Change from a Medicare Advantage plan to Original Medicare
• Switch to a different Medicare Advantage plan
• Enroll in or drop a Part D prescription drug plan
• Opt out of Part D prescription drug coverage completely

Medicare Advantage Open Enrollment Period (OEP)

Like the general enrollment period, the open enrollment period takes place from January 1 through March 31 annually. If you're no longer satisfied with your Medicare Advantage plan, this is the window when you can sign up for or switch Part D prescription drug coverage. During this enrollment period, you can:

• Switch to a different Medicare Advantage Plan
• Drop your Medicare Advantage Plan and return to your Original Medicare
• Enroll in a Part D prescription drug plan if returning to your Original Medicare

Get a Free Quote for Your Medicare Plan

Our insurance agents at Local Retirement Group will guide you as you explore different Medicare plans. We are experts in Medicare plan options, enrollment periods, and costs. When you work with us, we’ll find the right Medicare plan that fits your lifestyle and budget. Let’s help you maximize benefits and get better coverage.  Give us a call today!