Initial Enrollment Period (IEP)

The Initial Enrollment Period (IEP) starts three months before you turn 65, includes your birthday month, and extends three months after. During this period, you can sign up for Medicare Parts A and B, along with any additional coverage options. Be sure not to cancel your current insurance until you receive written confirmation from Medicare with your coverage start dates.

Timing of Coverage

When you first sign up for Medicare, your coverage typically starts on the first day of the month you turn 65. If you sign up during your Initial Enrollment Period (IEP) before your 65th birthday, coverage will begin on the first day of your birthday month. If you enroll after your birthday month, coverage will start on the first day of the following month or based on the specific enrollment period you are in.

Annual Election Period (AEP)

The Annual Election Period (AEP), running from October 15th to December 7th each year, is your opportunity to review and adjust your Medicare Advantage or Prescription Drug Plan. During this time, you can evaluate any changes to your current coverage and decide whether to keep your existing plan or switch to a new one.

Open Enrollment Period (OEP)

The Open Enrollment Period (OEP) for Medicare runs from January 1 to March 31 each year. During this time, people with Medicare Advantage plans can switch to a different Medicare Advantage plan or return to Original Medicare, with the option to add a standalone Prescription Drug Plan (PDP) if needed.

Special Enrollment Periods

Special Enrollment Periods (SEPs) allow you to enroll in or change Medicare plans outside of the standard enrollment periods if you experience certain life events, such as losing employer coverage or moving to a new area. SEPs typically last for 8 months, starting from the month your qualifying event occurs, and help you avoid late enrollment penalties and gaps in coverage.

Frequently Asked Questions

Can I defer enrolling in Medicare Part B or Part D?

Yes, you can defer your Medicare Part B! You will not be penalized for deferring your enrollment in Part B if you continue to work and receive employer health insurance past the age of 65.

However, you can not defer these Parts simply because you don't want them. If you do, you will pay a penalty for the remainder of your life! If you are unsure about your options, please reach out and ask.

How long do I have to sign up for Medicare Part B and D once I choose to retire?

Once you retire, you have an 8-month Special Enrollment Period (SEP) to sign up for Medicare Part B without facing a late enrollment penalty. This period begins the month after your employment ends or the month your employer-sponsored health coverage ends, whichever comes first.

For Medicare Part D (prescription drug coverage), you typically have 63 days after your current coverage ends to enroll without penalty.

How do I defer my Medicare Part B?

If you're automatically enrolled in both Part A and Part B, you can defer Part B by returning the Medicare card. If you keep the card, you will be enrolled in and charged for Part B coverage.