The Medicare Annual Enrollment Period (AEP) refers to the enrollment period that takes place from October 15th to December 7th annually. This enrollment period is for existing Medicare beneficiaries to review their current plan and decide if they would like to make changes for the upcoming year. AEP is NOT available for those who have yet to enroll in Medicare. To participate in AEP, you must already be receiving coverage under Medicare.
When Am I Eligible for Medicare and When Can I Enroll?
Medicare provides healthcare to adults aged 65 or older and to people with certain disabling conditions.
A person automatically becomes eligible to apply for Medicare Part A and Part B three months before their 65th birthday. This is referred to as the Initial Enrollment Period. This period lasts for seven months and ends three months after your 65th birthday month. (For example, if your birthday is January 15th, your initial enrollment period would begin October 15th and end on April 15th.)
If you don’t enroll during your Initial Enrollment Period, you may have a late enrollment penalty. This penalty will be added to your monthly premium for the duration of your coverage.
If you wish to enroll in Medicare, but your Initial Enrollment Period has passed, you will have to wait until the General Enrollment Period, which takes place annually from January 1st to March 31st.
What if I Am Already Insured When I Turn 65?
It is possible to qualify for a Special Enrollment Period, preventing you from suffering a late enrollment penalty. If you are covered by insurance through an employer that you or a spouse currently works for, you are not required to enroll during what would traditionally be your Initial Enrollment Period. You have eight months from the last day you or your spouse is employed and receiving employer insurance to enroll in Medicare.
Additional Plan Enrollment Information
Once you’ve enrolled in Medicare Part A and Part B, you can explore and join other plans. Options include a Medicare drug plan, also known as Medicare Part D, a Medicare Advantage Plan, which may have a drug plan included, and you can decide if you would like to purchase a Medigap Supplement Plan. Enrollment for all these is available during your Initial Enrollment Period, once you’ve officially enrolled in Part A and Part B. You can review your plan again during the AEP.
Enroll in Medicare Today!
If you are in the market for Medicare, Medicare Advantage, Medigap, Medicare Part D, or any other health insurance option, it’s best to get the help of an expert. Here at Cornerstone Senior Advisors, our expert agents are standing by, waiting to help you get the best plan for your needs. Call us and review your Medicare options today!