Medicare Enrollment Periods Explained
Understanding Medicare enrollment periods is crucial to avoid penalties and ensure continuous coverage. Here are the key periods to know:
Initial Enrollment Period (IEP): This is a 7-month period that starts three months before you turn 65, includes your birth month, and ends three months after your birth month. This is the best time to sign up for Medicare Parts A and B.
General Enrollment Period (GEP): If you miss your IEP, you can sign up during the GEP, which runs from January 1 to March 31 each year. Coverage begins on July 1, but you may face a late enrollment penalty.
Special Enrollment Period (SEP): If you’re still working and have health coverage through an employer, you can sign up for Medicare without a penalty during the SEP. This period is available for eight months after you leave your job or lose your employer coverage.
Annual Enrollment Period (AEP): From October 15 to December 7, you can join, switch, or drop a Medicare Advantage or Part D plan. Changes made during this period take effect on January 1.
Medicare Advantage Open Enrollment Period: From January 1 to March 31, if you’re already enrolled in a Medicare Advantage plan, you can switch to a different Advantage plan or go back to Original Medicare.
