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Initial Enrollment Period (IEP)
The best time to enroll in Medicare is when you first turn 65, unless you’re still working and have employer provided health insurance. The three months prior to the month in which you turn 65, the month of your birthday, and the three months after your birthday month is your IEP. During that time, you can enroll in Medicare Part A (Hospital Insurance) and Part B (Medical Insurance). In most cases, if you’re already signed up for Social Security benefits at the time you turn 65, you will automatically be enrolled for Medicare parts A and B. If not, you’ll need to either sign up for Medicare online or contact Social Security.
Since COVID has come along, the Social Security offices have been closed, forcing consumers to apply for Medicare exclusively online. Do not delay doing so, if you know you want Medicare. I have been seeing some people getting surprised at how long it takes to get their enrollment completed.
Annual Enrollment Period
This is the period from October 15–December 7. I can talk to you about plans and changes beginning October 1st, but no enrollments or changes can be made until October 15th. Any changes will take effect January 1.
What changes can be made?
You can switch from Original Medicare to Medicare Advantage, or vice versa.
You can switch from one Medicare Advantage plan to another, or from one Medicare Part D (prescription drug) plan to another.
You can enroll in a Medicare Part D plan if you didn’t do so when you were first eligible (a late enrollment penalty may apply.)
What about Medicare supplements?
Medicare supplements are not limited to the same enrollment periods as Part D and Medicare Advantage plans. You can change your supplement plan at any time during the year, as long as you can pass the health questions or have a guaranteed issue scenario.
Questions? Concerns?
Want a review of your plan?
Let me know. I’m based in Nashville and an appointed agent for BlueCross BlueShield, Aetna, Cigna, United Health Care, Humana, Bright Health, Oscar, AmBetter, Mutual of Omaha and more.