Medicare Enrollment

When is the Medicare Enrollment Period

For many people, enrolling in Medicare can be intimidating. Many people are worried they won’t do it correctly or won’t do it at the right time. Below are the three most common situations individuals find themselves in when looking to enroll in Medicare and the timeline they have to submit the application.

Initial enrollment period (IEP) at 65

If you are turning 65 soon and won’t have health coverage available from active employment through your own or your spouse’s employer, then this is the perfect time to enroll in Medicare. The Initial Enrollment Period will last for seven months, and usually starts four months before your 65th birthday month and runs until three months after.

Initial enrollment period under age 65

While Medicare automatically becomes available to everyone when they reach the age of 65, there are circumstances that a person may fall under to get benefits early. Qualifying for Medicare through disability is a common reason for the coverage being made available early. If you do fall into this category, then instead of using your birthday to determine your seven-month Initial Enrollment Period, the government will use the month you receive your 25th disability payment. Like the normal enrollment period, you will have four months before your 25th disability payment and three months after to sign up for the benefits. If, for some reason, you miss the enrollment period or don’t take the benefits, another period of seven months will be available after turning 65.

Special enrollment period

In the instance you delayed your Medicare enrollment until after your 65th birthday because you had health insurance coverage from an employer or a spouse’s employer, you can still receive benefits. The Special Enrollment Period allows you to avoid late penalties while employed and up to eight months after your departure from the company. One exception to this rule is that some employers who have less than 20 workers may ask that you sign up for Medicare at the age of 65 as a condition of continued employment.

What if you Miss your Enrollment Deadline?

One important thing to keep in mind is that enrolling in Medicare is voluntary, but if you decide that you want the benefits after your enrollment period has passed, you may face consequences. First, since there is no longer an initial enrollment period, you will have to wait for the general enrollment period to start on January 1st. You will then have from that date to March 31st to sign-up for coverage. Second, there will be late penalties equal to an extra 10 percent for each full 12-month period that has passed between your IEP and the GEP in which you decide to sign up.

How We Can Help

Hitcho Insurance has spent nearly a quarter of a century working with families and clients to determine the best insurance coverage for their situation. No two people are alike and neither are their goals and protection needs. That is why our agents offer free consultations to get to know you a little better and what your needs are. To schedule a consultation today or learn more about your options, give us a call at (610) 694-9435.