Medicare Enrollment Periods
Enrolling in Medicare is easy, but you can only do it during certain periods. If you are planning to enroll in Medicare soon, you will need to know when each period falls so you can choose the best time to enroll.
Initial Enrollment Period
Most people enroll in Medicare during this period. It is a one-time enrollment period that begins at the beginning of your eligibility. The Initial Enrollment Period begins 3 months before you turn 65 or collect your 24th month of Social Security disability benefits and it ends 4 months later. This is a total of 7 months wherein you are allowed to enroll in a Medicare plan. You are free to choose Original Medicare or a Medicare Advantage plan. We suggest you contact an insurance professional to determine which option is best for you. Remember, if you aren’t already collecting Social Security benefits, you will still need to apply for Medicare during your Initial Enrollment Period.
Many insurance professionals suggest enrolling during the Initial Enrollment Period, because by doing so, you can avoid the Part B late enrollment penalty. The penalty gets added to your monthly premium and it increases the longer you wait to enroll, so it is ideal to enroll as soon as possible. The only way to avoid the late enrollment penalty is to qualify for a Special Enrollment Period.
Special Enrollment Period
If you do not manage to enroll during your Initial Enrollment Period, you may need to enroll during a Special Enrollment Period. These periods are only granted to people who have qualifying life circumstances, such as recent change of employment or relocation. There is a broad range of reasons that can qualify you for a Special Enrollment Period, so get in touch with an insurance agent now to learn your options.
Annual Enrollment Period
Annual Enrollment Period for Medicare falls between October 15 and December 7. During this time each year, you can join, switch and modify your coverage. If you are happy with your current coverage, you don’t have to take advantage of this period. However, you should always make sure to review your plan’s cost and coverage each year during this time to make sure you still have the coverage you need at a price you can afford.
Take Advantage Of Your Initial Enrollment Period
The best way to avoid late enrollment penalties is to sign up now! If you are going to enter your Initial Enrollment Period soon, now is the time to get in touch with an insurance agent. They will help you plan your benefits and choose the appropriate Medicare coverage, so reach out to Weinstein Wealth Insurance Solutions today!