The first enrollment period beneficiaries will encounter the Medicare Initial Enrollment Period. The Medicare Initial Enrollment Period can be challenging to understand. Thankfully, we’re here to explain everything.
Many seniors miss an enrollment period and pay a Medicare late enrollment penalty. The most confusing part is that each Medicare enrollment period has a similar title.
During the Initial Medicare Enrollment Period, these options are available:
- Part D Prescription Coverage
- A Medicare Advantage Plan
- Or a Medicare Supplement
Other Medicare enrollment periods include:
- Annual Enrollment Period
- Special Enrollment Period
- General Enrollment Period
- Medicare Advantage Open Enrollment Period
Below we discuss the Medicare enrollment periods of 2020 as well as any information you need to know.
Medicare Initial Enrollment Period (IEP)
The Medicare Initial Enrollment Period begins three months before you turn 65, the month of your 65th birthday, and continues for three months after the birthday month.
Totaling seven months in which beneficiaries can sign up for Part A and Part B during this Initial Medicare Enrollment Period unless you qualify for automatic enrollment.
You can get the most out of your benefits if you understand when and how to sign up for Medicare.
My Medicare Initial Enrollment Period
If you’re not already receiving social security benefits before turning 65, you’ll have to sign up for Medicare during this time.
However, if you don’t plan on retiring and receiving your Medicare benefits upon turning 65, you can always sign up to receive your retirement through social security at another time.
To qualify for Part A at no cost, you or your spouse must have worked for at least forty quarters (10 years).
If you didn’t work a minimum of forty quarters, you can still apply and receive Medicare Parts A and B, but the cost will vary.
You can take advantage of your Medicare Enrollment Period as early as three months before you turn 65. For those on disability, you’ll receive your Medicare Initial Enrollment after receiving Social Security for 24 months.
The premium for Part A and B is calculated based on how long you worked and paid Medicare taxes.
If you missed your Initial Enrollment Period for some reason, you could still enroll in Part A and B during the General Enrollment Period.
The General Enrollment Period begins on January 1 and ends on March 31. Keep in mind, if you enroll during the GEP, your Medicare will not start until July 1.
If you didn’t maintain creditable coverage, you’d be subject to an endless penalty.
If you’re 65 or older and still working, you can find information regarding employer coverage and Medicare here.
How Do I Qualify for the Automatic Medicare Enrollment
Your Initial Medicare Enrollment into Parts A and B is automatic if you’re:
- Eligible for Social Security retirement.
- Turning 65 and already receiving Social Security or Railroad Retirement Benefits
- Collecting retirement at age 65
When you apply for retirement benefits, you should also ask for your Part B. You should receive your Medicare card about three months before your 65th birthday.
If you have Social Security or Railroad Retirement Board disability for at least 24 months, you qualify for Medicare benefits before attaining age 65.
A Medicare card is mailed out about three months before the 25th month of disability benefits.
If a beneficiary has Amyotrophic Lateral Sclerosis, that individual will automatically be enrolled in Part A and B starting the month that disability benefits begin.
Individuals with end-stage renal disease don’t need to receive Social Security disability benefits to qualify for Medicare and can still be working.
If you have ESRD and require kidney dialysis or a kidney transplant, you can enroll in Original Medicare at any time before turning 65.
When do I get Part D if I missed the Initial Medicare Enrollment Period?
If you missed your Initial Enrollment Period, the Annual Enrollment Period takes place each year between October 15 through December 7. During this period, you can enroll in a Medicare Advantage policy or a Part D prescription drug plan.
If you enroll during AEP, the coverage you select begins January 1 of the following year. For example; You join November 15, 2019, into a Part D policy, that coverage starts January 1. 2020.
If you missed the Initial Medicare Enrollment Period, you might incur a Part D late enrollment penalty. Although if you have creditable coverage through another source, you may be able to avoid the penalty.
Enrolling in Original Medicare
There are a few ways to enroll in Original Medicare, Parts A, and B, through Social Security:
- By visiting SSA
- By calling Medicare Monday through Friday, from 7 am to 7 pm
- Visit your local Social Security office
Once you enroll in Medicare, you’ll receive a red, white, and blue Medicare card. It’ll show your Part A and Part B dates as well as your Medicare Number. After taking advantage of your Medicare Initial Enrollment Period, you should keep this card in a safe place.
If you ever lose your card or it gets stolen, you can apply for a new replacement card online. Or call Social Security’s toll-free number Monday through Friday, from 7 am to 7 pm.
Details on the Medicare Supplement Open Enrollment Period
After you complete enrollment in Medicare, you’ll be eligible for a six month open enrollment period. Allowing you a one time election period, and it begins on the same date as your Part B effective date or the first day of the month that you turn 65.
This Medicare Enrollment period permits you to enroll in any Medicare Supplement plan without answering a bunch of health questions. You’ll qualify for Guarantee Issue rights.
When Medicare Coverage Begins
Your Medicare coverage will begin the first day of the month that you turn 65 or sooner if you’re already receiving retirement benefits before turning 65.
If you sign up during the General Enrollment Period, your coverage will begin on July 1.
Take advantage of the Initial Medicare Enrollment Period by enrolling one to three months before your 65th birthday. Medicare coverage will begin the month you turn 65.
If you enroll in the month of your 65th birthday, the Medicare plan will start the first day of the following month.
Waiting until the month after your 65th birthday can mean your Medicare won’t start until two months after Medicare Enrollment. If you delay enrollment too long, you could incur a Part B late enrollment penalty.
Speak with a licensed insurance agent; it’ll save time and money. Our agents are trained to identify the most suitable plans as well as understand penalties and deadlines.
If you want to compare Medicare plans and rates, complete our rate form or call us at the number above today.