Medicare Enrollment
When to Apply for Medicare
Medicare has different enrollment periods depending on your needs. If you miss these enrollment periods, you may lose coverage or be subject to a fine. The enrollment periods are:
- Initial Enrollment (IEP): For people newly eligible at 65.
- This period is 3 months before your birth month, includes your birth month, and then the 3 months after your birth month.
- Special Enrollment Period (SEP): For people moving or losing coverage.
- A 2-3 month window for when you’re moving out of your plan’s service area or if you’re losing your current healthcare or prescription drug coverage.
- General Enrollment Period (GEP): For people who missed the Initial Enrollment.
- January 1 through March 31st, the only time outside of your Initial Enrollment period that you’re allowed to enroll in Medicare.
- Medicare Supplement Open Enrollment Period/ Annual Enrollment Period: For when you need to change coverage.
- October 15 to December 7, the window in which you can change your Medicare coverage, sign up for a new supplement plan, or leave a plan.
- Medicare Advantage Enrollment Period: To change Medicare Advantage plans.
- January 1 to March 31, the period that you can enroll and disenroll in a Medicare Advantage plan.
Browse each page more to learn the details of the Medicare enrollment periods.
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Late Fee Associated with Part D
It’s especially important to sign up for Part D on time to avoid the late fee. You have to enroll in Medicare Part D during the Initial Enrollment Period. If you miss this opportunity, you’re subject to the late fee. This fee is calculated by multiplying 1% of the “national base beneficiary premium” — $32.74 in 2020 — by the number of full, uncovered months that you were eligible for a Medicare drug plan or other creditable drug coverage but didn’t join. The final amount is then rounded to the nearest $0.10 and added to your monthly premium. You have to pay this new monthly premium for the rest of the time you’re enrolled in Part D.
Doing the math, if you went without coverage but were eligible for 9 months, you would multiply 9 months by 1% of $32.74, equalling $2.95. Rounded to the nearest $0.10, you would pay an extra $3.00 per month for Part D for the rest of your life. While this doesn’t sound like a lot, it’s an easily avoidable fee if you pay attention to the enrollment periods.
Summary
While Medicare is generally flexible, it’s considerably less flexible when it comes to enrollment periods. Enrollment periods are specific times in which you’re allowed to sign up for or change your Medicare coverage. Keep these dates in mind — so you don’t lose coverage or have to pay a late fee.
If you still have questions, call Modern Senior Benefits today. We’re here to help!
