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When to Enroll in Medicare | Medicare Initial Enrollment Period

When to Enroll in Medicare? Enrollment for Medicare is at age 65 regardless of when you sign up for Social Security income benefits. In this video we discuss when you should in Medicare based on whether you are still working. Watch to learn how you can avoid penalties. About the Medicare Initial Enrollment Period Your Medicare Initial Enrollment Period is probably the most important date for you to know as you’re approaching the age of Medicare eligibility. Your Initial Enrollment Period (or IEP) is a seven-month period of time. It begins three months before the month of your 65th birthday. It then includes the month of your birthday, and extends for three months after your birthday month. For example, if you turn 65 on May 20th, your Medicare IEP would run from Feb 1st to August 31st. During the IEP, you can enroll in Original Medicare (Part A and Part B) or a Medicare Advantage plan (Medicare Part C). Enrolling during your IEP avoids any late enrollment penalty. You can also avoid late penalties for Part D by enrolling drug coverage during this same window. That drug coverage can be a standalone plan or part of a Medicare Advantage plan that includes Part D. If you enroll in Original Medicare, you may want additional coverage with a Medicare Supplement Plan (Medigap). For this, you will use your Medicare Supplement Open Enrollment Period. This is a 6-month window starting on your Part B effective date. Using the Medigap OEP to enroll in a Medigap means: You can’t be turned down for any Medigap plan available in your area regardless of your health status. Your insurance company cannot charge you higher premiums because of your health status or pre-existing conditions. Your coverage for any pre-existing conditions cannot be delayed What if you Miss Initial Enrollment? There are a number of unpleasant consequences you might face if you don’t sign up for coverage during your IEP. These apply only if you do not have other creditable coverage, like employer coverage. Let’s break them down: If you don’t enroll in Part B during your IEP, you’ll probably have to pay a late enrollment penalty—for as long as you have Medicare coverage. The penalty is 10% for every 12-month period you should have had Part B, but didn’t enroll. The standard premium for Part B is $135.50 in 2019, which means you’ll pay an extra $13.50 every month. This will increase if the standard Part B premium goes up next year, which it likely will. You’ll pay this penalty even if you ultimately choose Medicare Advantage. You have to pay your Part B premium plus any premium required by your plan when you’re enrolled in Medicare Advantage. You may also go without Part B coverage for a significant chunk of time. If you don’t sign up during your IEP, you’ll have to wait until the next General Enrollment Period, or GEP. Your coverage won’t start until July 1 that year. If you don’t have creditable Part D prescription drug coverage and miss your IEP, you’ll pay a penalty with your Part D premium—again, as long as you have the coverage. The penalty is 1% per consecutive month that you went without coverage for prescription drugs. The national base premium is currently about $36 per month, so if you go without coverage for a year, you’ll pay an extra $4.30 a month (and quite possibly more if the Part D base premium increases) for as long as you have coverage. In the rare situation where you don’t qualify for premium-free Part A because you don’t have enough work credits, and you don’t buy it during your IEP, you’ll pay a 10% premium penalty for twice the number of years you could have bought the coverage but didn’t. Register for our FREE new to Medicare webinar here: https://boomerbenefits.com/webinars Subscribe to our YouTube Channel here: https://boomerbenefits.link/subscribe Join over 100K+ Fans on Facebook:   / boomerbenefits   ~-~~-~~~-~~-~ Watch next: "What Does Medicare Part A Cover?"    • What Does Medicare Part A Cover?   ~-~~-~~~-~~-~