There are some important dates that you take note of on your calendar. For instance, your wedding anniversary, a grandkid’s birthday, summer holiday, or even an appointment with your doctor. However, there are other crucial events you have to remember as well – such as when to sign up for a Medicare plan.
The timespan for registering in a Medicare plan is referred to as an enrollment period. The next question you could be asking yourself is when does the Medicare Supplement Open Enrollment take place? Well, you will get a 7-month interval around the month you will be turning 65 to enroll for a Medicare plan.
In case you miss the correct time to enroll, you may have delayed coverage or paying fines later, which may cost you more in the end. Below are detailed discussions on available enrollment periods.
- Initial Enrollment Period
When approaching your 65th birthday is the appropriate time to enroll in a Medicare plan. There is a 7-month interval to register during this time. This can be explained as 3 months before turning 65, through the birthday month, and 3 months after turning 65. At this time frame, you can sign up in Medicare (parts A and B), take a Medicare Advantage Plan (Part C), or Part D which is an independent Medicare prescription drug plan.
If you do not enroll for Medicare Parts A & B or D during the stipulated time, you can face consequences such as higher premiums.
- Medicare Supplement Open Enrollment
In case you want to replace your Original Medicare plan to counter extra costs, it would be best to buy a supplement plan within the 6-month enrollment time frame that begins on the first day of your birthday month.
If you are unable to enroll for a Medicare Supplement plan within the Open Enrollment Period, it will be hard for you to get a Medicare Supplement plan.
- General Enrollment Period
Certain conditions determine one to enroll for Part A or B between 1st January and 31st March annually. The conditions are; if one did not enroll when they first qualified and when one qualifies for a Special Enrollment Period. Your insurance will commence on 1st July and you might pay fines.
- Annual Enrolment Period
There is a period in which individuals can adjust their insurance and sign up in a Medicare plan annually, 15th October to & 7th December.
- If enrolled in Original Medicare, you can change to a Medicare Advantage plan.
- You can shift from an Advantage Plan with drug insurance to one without.
- You can quit or join a Medicare prescription drug plan.
- You also get the option of updating your insurance by shifting to another plan from your existing insurer or moving to a new one.
If you opt to make changes within this Enrollment Period, your new insurance will not commence until 1st January. Also, if you are contented with your ongoing coverage, you need not make changes.
- Medicare Advantage Open Enrollment
This occurs from 1st January to 31st March yearly. Those enrolled in this plan can select to move to either Original Medicare Plan or another Advantage Plan. In both cases, the new coverage commences on the 1st day of the month after the month the change was made.
- Special Enrollment Period
The following situations allow you to join, change, or quit a Medicare Advantage plan outside the general enrollment periods.
When getting out of your plan’s coverage region or losing your ongoing prescription drug or healthcare coverage.
After you choose an enrollment period that suits your situation, you can now register for an appropriate plan.
