There are currently two Medicare open enrollment periods, both of which are about to end.
First, you have until March 31 to enroll in Medicare if you failed to do so when you were supposed to and do not meet the requirements for a special enrollment period. Second, you have until the end of the month to switch to another plan or discontinue your current Advantage Plan if you are already enrolled in Medicare and feel that it is not a good fit for you (i.e., your doctor is not in the network).
However, each of these opportunities has its own set of rules that must be followed, and it’s possible that you’ll also need to sign up for additional insurance and meet other deadlines. Additionally, you would typically need to wait for another enrollment window before you could get or modify your coverage if you missed one of these windows but should have used it.
When you turn 65, you become eligible for Medicare, and you have seven months to enroll.(Photo: iStock)
What you should know is as follows:
- Become a member right away if you missed the initial enrollment period.
- When you turn 65, you become eligible for Medicare, and you have seven months to enroll. Three months prior to and three months following your birthday are included in this initial enrollment period.
- You can enroll in Part A (hospital coverage) and/or Part B (outpatient care coverage) between January 1 and March 31 if you missed the window and didn’t have qualifying coverage elsewhere, such as a plan through a large employer. The month after you enroll if you sign up during this so-called general enrollment period; prior to 2023, the start date was July 1.
- Be aware that you might incur a 10% late enrollment fee for each year you should have enrolled but didn’t, depending on how long you went without Part B coverage. This fine, which is added to your premium, is also permanent.
- After applying for Parts A and B during this general enrollment period, you can also enroll in an Advantage Plan (Part C), but you must do so before your Part B coverage begins. The Part D prescription drug coverage may or may not be included in the Advantage Plan, but it usually is.
However, this general enrollment period is not for those who want a standalone Part D plan to go with Parts A and B.
According to Danielle Roberts, co-founder of the insurance company Boomer Benefits, “they should speak with an agent to see if they qualify for a special enrollment period for Part D, such as having lost other creditable coverage in the previous 63 days.”
You would typically need to wait until Medicare’s fall annual enrollment period to enroll in a Part D plan if you didn’t qualify for a special enrollment period or an exception.
Read also: SSI Benefits Increase By 8.7 Percent This Year – Here’s Why
