Medicare Enrollment Deadlines to Lookout For

Seniors in the United States become eligible for Medicare in the months around their 65th birthday. If you miss out on enrolling yourself for Medicare during the initial months, you could end up paying a late enrollment penalty for the entire duration of your Medicare usage.

Here is some insight into the Medicare enrollment period:

The initial 7-month enrollment period for Medicare starts three months before your 65th birthday.

If you chose to continue working past the age of 65, you can sign up for Medicare within 8 months of leaving work to avoid the penalty.

If you want to make any amendments or changes to your Medicare coverage, you can do so during the annual open enrollment period – October 15 to December 7

Participants of the Medicare Advantage Plan can switch to other plans between January 1 to March 31 every year.

Read on to find out what you need to sign up for Medicare and what kind of penalties could you be charged with for late enrollment.

Medicare Parts A & B

People receiving Social Security benefits automatically get enrolled in Medicare Parts A and B once they turn 65. Those who don’t claim Social Security benefits need to sign up for Medicare. You can do this during the 7-month enrollment period that begins three months before your 65th birthday month. If you miss this 7-month period, you can sign up during the general enrollment period between January 1 and March 31, the coverage of which begins on July 1.

Medicare Part D

Medicare Part D covers prescription drugs. This plan shares the same seven month enrollment period around your 65th birthday.

Medical Supplement Insurance Plan

This plan can help pay for some of the cost-sharing requirements and services that traditional Medicare doesn’t cover. The enrollment period for the Medicare Supplement Insurance plan is a six-month period that starts once you are 65 or older, and a member of Medicare Part B.

Medicare Open Enrollment

If you wish to make any changes to your Medicare coverage plan, you can do so during the annual open enrollment period from October 15 to December 7. The changes made during this time come into effect from January 1.

Hopefully, this information will help clarify all your doubts regarding the Medicare facilities you are eligible for and avoid missing important deadlines.