Medicare is a government program that provides senior citizens and persons with disabilities with affordable health care coverage. You typically are only allowed to sign up for Medicare benefits during certain periods of the year. The Annual Enrollment Period is one such period, and it falls between October 15 and December 7. Here’s what you need to know about Medicare enrollment.
There are several enrollment periods wherein prospective Medicare applicants can choose to enroll for benefits. If you are eligible or soon to be eligible for Medicare benefits, you can apply during the following periods.
Initial Enrollment Period
The initial enrollment is the best time to seek Medicare benefits. It begins three months before the month you turn 65, includes your birthday month and continues for another three months. During the seven month period, you can enroll in Parts A, B, and D of Medicare or enroll in a Medicare Advantage plan. If you enroll in a Medicare Supplement Insurance policy during this period, you won’t be subject to underwriting and will have access to the lowest available rates.
General Enrollment Period
If you miss your Initial Enrollment Period, you may also be able to apply for Medicare benefits between January 1 and March 31 of each year. If you missed your Initial Enrollment Period, you may be subject to late enrollment penalties. Contact a Medicare specialist to learn if you can enroll now without any penalties.
Annual Enrollment Period
The Annual Enrollment Period is the most versatile enrollment period, as it occurs annually and allows you to make significant changes to your Medicare plan. The period begins on October 15 and ends on December 7. During the Annual Enrollment Period, you can switch to Medicare Advantage or back to Original Medicare. You can also switch Medicare Advantage plans and join or drop a Medicare prescription drug plan. If you like, you can switch to a new insurer as well.
Special Enrollment Periods
If you meet certain criteria, you could be eligible for a special enrollment period. Special Enrollment Periods are non-standard enrollment periods that are granted to applicants who fall into certain categories. One way to qualify for a special enrollment period is if you move to a new location. Another time where a Special Enrollment Period applies is if you lose your current health care or prescription drug coverage.
Enroll In Medicare
If you are currently eligible or approaching eligibility, you can get help enrolling in Medicare. The team at The Fussell Group Insurance Advisors can help you find the right combination of Medicare coverage. Reach out to us now to schedule a consultation.