Medicare’s Annual Enrollment Period (AEP), or Medicare Open Enrollment Period, offers beneficiaries a once-a-year opportunity to change their health coverage. If you missed it, don’t panic. There are still options. Here are the key dates and periods to remember to sign up at the next convenient time.
Winter Enrollment
The annual open Medicare enrollment period is always in the winter. By signing up for Medicare or making changes to your plan between October 15th and December 7th each year, your changes will be able to be processed and will go into effect on January 1st of the coming year.
Spring Enrollment, Better Late Than Never
If you missed Medicare’s annual enrollment period at the end of the year, a secondary period, called the “General Enrollment Period” or GEP, is available from January 1st to March 31st each year. When you sign up during the secondary period, your coverage won’t start until July 1st.
Medicare Advantage Enrollment and Window of Change
Medicare Advantage (MA) is health insurance provided by a private company approved by the government. All providers under the Medicare Advantage umbrella allow you to make one change to your plan each year between January 1st and March 31st. This period coincides with Original Medicare’s GEP; sometimes, policyholders choose to return to Original Medicare, and overlapping enrollment and change periods make the transition smoother.
Special Enrollment Periods
Special Enrollment Periods (SEPs) occur not based on time but on circumstances. Certain life situations call for changes during this period. It is best to check with your insurance agent to find out if you qualify for an SEP, but some examples of when one might apply to you include:
- Marriage
- Divorce
- Moving to a new location
- Losing job-based medical coverage
- Major income changes
- Becoming a U.S. Citizen
Each SEP has a set of rules. Contacting one of our licensed Medicare agents can provide valuable insight into whether you can enroll during the Special Enrollment Period.
Late Enrollment Penalties
If you miss your enrollment period, you should know that the longer you wait, the more likely you will have to pay a penalty. When everyone enrolls in Medicare, it makes it possible to care for those needing medical attention. If people only apply when suffering a health condition, the program is less viable. This is why penalties exist.
- If you miss the GEP for Medicare Parts A and B, your premium for Part B can be increased by ten percent for each 12-month period that you could have signed up for but didn’t. This penalty is permanent for as long as you have the policy.
- If you go without Part D or other prescription drug coverage for 63 days or more after your Initial Enrollment Period (the seven months surrounding your birthday), you will have to pay a late penalty, which is added to your monthly Part D coverage.
Take Your Next Step to Get Coverage
Discovering you missed your open enrollment period can be stressful, but there are solutions. By talking to one of our qualified agents, we can help you prepare for the next enrollment period or see if you qualify for a Special Enrollment Period so you can apply sooner. You have options. Call our office today to see how we can help you get the coverage you qualify for and stay on top of your health needs throughout the year.