The initial enrollment period is your first opportunity to sign up for Medicare. You have many days before and so many days after your 65th birthday to enroll in Medicare. If something happens that you miss the initial enrollment period, you can still sign up during other periods even though you may have to pay the penalty. Working with a reputable insurance agent will help you make the best decision regarding enrolling at the appropriate time. Health and Medicare insurance are the only policies you must sign up for specific periods.
Initial Enrollment Period
The initial enrollment period for Medicare is seven months long. This includes the three months before your birthday month, your birthday month, and the three months after your birthday month. You can sign up for Medicare at any time during these months. Suppose something happens that you miss this seven-month window. In that case, you will need to wait for a particular or general enrollment period starting on the first of January. You will receive several notices as your 65th birthday approaches.
Special Enrollment Period
A particular enrollment period for Part B coverage is available without any penalties if you have insurance through your job. If you or your spouse lose your job or leave work, you have eight months to sign up. If you have a disability, are younger than 65, or your company has more than one hundred employees, you may be eligible to sign up for Medicare early. Talk to an insurance agent to get a complete understanding of eligibility due to disability versus eligibility due to age.
General Enrollment Period
The general enrollment period extends from the first of January to the thirty-first of March every year. This is one period where you can enroll in Part B if you already have Medicare. If you enroll in Medicare during this period, you won’t have any coverage until the first of July. Enrolling during this period will also increase the probability that you will need to pay a premium penalty on the Part B portion of your policy. While your circumstances may change after you turn 65, you can change your coverage during general enrollment if you already have a Medicare policy.
Looking for Medicare Insurance? Contact Unisource Insurance Associates!
Enrolling in Medicare can be confusing when you figure out the different enrollment periods. Contact us at Unisource Insurance Associates to learn more about Medicare and the enrollment periods you have open. Understanding your insurance needs as you age will ensure you have the right coverage you need when you need it the most. Working with a reputable agent before you turn 65 will ensure you get the right policy at the right time. Don’t let the confusing nature of Medicare and different enrollment periods confuse you. Our agents can help you work through all of the details. We make the enrollment process easy!