The Initial Enrollment Period
Not realizing there’s a timeline to enroll in Medicare may have ramifications such as missing out on certain features and paying late fees. There is a seven-month stretch in which you can enroll in any policy without paying late fees. The seven months begins three months before your birthday and ends three months after your birthday. This Initial Enrollment Period is when it’s easiest to enroll in the program.
If you’re still receiving insurance from an employer during your Initial Enrollment Period, an exception is made. Once you stop receiving employer insurance, you have eight months to enroll in Medicare.
Why enroll on time?
Those who don’t enroll during their Initial Enrollment Period will have to pay late fines. Late fines will most likely be an added percentage of whatever you pay for your plan coverage. That percentage will be added to your bill for the rest of your Medicare enrollment and is not a one time fee.
Hesitating to enroll in Medicare can be risky. Not only do late fines have an impact, but the beneficiary has been missing out on services that could have been offered during the period before enrollment. It’s best to enroll near your birthday, to avoid fines and guarantee you have the insurance you need, gaining access to quality healthcare.