Medicare has various Parts and they are all yours but, you have to take certain steps to get it.  You can't just sign up for Medicare any time the spirit moves you.  There are 4 specific times to enroll.

The earliest you can sign up for Medicare is 3 months before your 65th birthday. However, the sooner you sign up, the sooner coverage starts so the earlier, the better. You enroll in Medicare through the Social Security Administration. There are 3 ways to do this.

The most important period is the Initial Enrollment Period (IEP).  It is a seven month window that starts 3 months before the month of your 65th birthday and ends 3 months after the month of your 65th birthday.  If you enroll during the IEP there are no health questions asked and no late penalties to contend with.

Medicare Part A is free for most people so there is no reason to delay enrollment in Part A.  Medicare Part B has a monthly premium attached so you might want to delay enrolling in Medicare Part B if you are currently working and covered by your employer's Group Health plan.*  In that case, you would enroll during the Special Enrollment Period (SEP) and avoid health questions and late fees.  

The SEP for Medicare Parts A and B is 8 months from the time you are no longer employed or no longer covered by the Group Health Plan.  

The SEP for Medicare Parts C and D is 63 days from the time you are no longer have creditable drug covered.  There are specific requirements which we will be happy to discuss with you to verify that you qualify.

There are 2 other times you can enroll.  The first is the General Enrollment Period (GEP) which applies to Medicare Parts A and B.  You can enroll between January 1st and March 31st each year.  However, be aware that coverage will not begin until July 1st of that year and you could have a huge gap in your health coverage.

Also, enrolling during the GEP will not prevent you being assessed a Late Enrollment Penalty which will be due for the rest of your life.  Bottom line - don't delay.  If there are any questions, give us a call.

 

For Medicare Parts C and D there is an annual Annual Election Period (AEP) that occurs between October 15th and December 7th each year.  If you enroll during the AEP your coverage will start on January 1st of the next year.  If you miss your first two opportunities to enroll in Medicare Part D and wait until the Open Enrollment Period, you will be assessed a late fee.

The optimal time to enroll in a Medigap Plan is to do it at the same time you enroll in Medicare Part B.  The Medigap Open Enrollment Period (MOEP) allows you 6 months from the time you enroll in Medicare Part B to enroll in a Medigap Plan.  If you enroll during this time, you must be accepted into any Medigap Plan you choose without having to answer any health questions.  Your premiums will be the same as everyone else your age.  Most importantly, they can't refuse your application.