The best time to enroll in Medicare is during your Initial Enrollment Period (IEP). You can also do so using the General Enrollment Period (GEP) or Special Enrollment Period (SEP), and you can make changes to your plans during the Annual Enrollment Period (AEP).
Enrollment and Eligibility for the IEP
Almost every Medicare expert agrees that the best time to enroll is when you are first eligible. For most people, this happens when you turn 65 years old. 3 months before your 65th birthday, you begin what is known as your Initial Enrollment Period (IEP). During this time, you can enroll in any Medicare plan you are eligible for, including Original Medicare (Parts A and B), Medicare Advantage (Part C), Part D (prescription drug coverage), and Medicare Supplement plans (Medigap).
Missed the IEP? Use the GEP
If you for some reason missed the IEP, don’t lose hope—the General Enrollment Period (GEP) takes place annually and allows you to enroll in any Medicare plans for the first time that you have not previously owned.
Keep in mind, however, that enrolling late may bring about some late penalties. For every year you delay your Part B enrollment while eligible, your premium will increase by 10%. For every month you do not enroll in Part D while eligible, your premium increases by 1% of the national average once you do enroll. These penalties are permanent.
The GEP may not be the best time to enroll in Medicare, then, but it is another option in case you missed the IEP.
Want to Avoid Late Penalties? Use the SEP
If, however, you were still working when you delayed your Medicare enrollment, you may avoid these late fees entirely by using a Special Enrollment Period (SEP). These can happen anytime during the year based on when you quit your job.
As long as you are covered by employer health insurance and working, you do not have to worry about enrolling with late fees until you retire. You may, however, still choose to enroll in Medicare when first eligible for the additional coverage.
Want to Change or Enroll in a New Medicare Plan? Use the AEP
During the Annual Enrollment Period (AEP), you can change your current plan and/or provider to a better one. You can switch from Original Medicare to Medicare Advantage or vice versa, add Part D, or just switch your current Original, Advantage, or Part D Medicare provider entirely. Whatever the case may be, the Annual Enrollment Period is an excellent time to enroll in a new Medicare plan.
Swisher Insurance Will Be Your Medicare Enrollment Guide—Call Today
Clearly, you have quite a few options to enroll in Medicare. But everyone’s journey will look a bit different, with twists and turns to keep even the keenest eye on edge. But, with Swisher Insurance, your enrollment will be easy. Want to put us to the test? Or do you just have some questions? Give us a call today at 502-259-0780.
