Individuals who are eligible for Medicare and will be turning 65 soon are urged to take note of the Initial Enrollment Period (IEP) for Medicare Part A and Part B enrollment. The IEP commences three months before the individual’s 65th birthday and concludes three months after said birthday month, providing seven months for enrollment. During the IEP, eligible individuals can enroll in Medicare Part A – which covers hospital stays, skilled nursing facility care, and some home health care – and Medicare Part B – which covers doctor visits, outpatient care, medical equipment, and preventive services. Moreover, the IEP permits Medicare Supplement, Medicare Advantage (Part C)or Medicare Supplement, and Medicare prescription drug plans (Part D) enrollment.
It is of the utmost importance that eligible individuals seize the opportunity to enroll in Medicare during their IEP to avoid late enrollment penalties and ensure timely coverage. Delaying enrollment and missing the IEP may result in waiting until the General Enrollment Period, which runs from January 1 through March 31 each year. This delay in coverage could lead to a coverage gap and higher premiums, underscoring the significance of timely action.
Suppose an individual is already receiving Social Security benefits when they turn 65. In that case, they can take comfort in the fact that they will be automatically enrolled in Medicare Part A and Part B. They will receive their Medicare card in the mail three months before their 65th birthday, making the process seamless and hassle-free. However, if an individual is not yet receiving Social Security benefits, they must take the initiative to enroll in Medicare on their own by contacting Social Security or visiting their website, www.socialsecurity.gov.
Once you are enrolled in Medicare Parts A and B, you can decide whether you want a Medicare Advantage Plan or Medicare Supplement and how you will receive your Part D Drug Coverage. If you wish for your Medicare coverage to begin on the first day of your birth month, you must enroll during the Initial Enrollment Period (IEP) in the months leading up to your birth month. Enrolling in a Medicare Advantage Plan, Medicare Supplement, and or Medicare Part D during your birth month or later will become effective the first day of the following month.
I recommend enrolling in Medicare Parts A and B on the first days of your IEP period, which begins three months before your birthday. Once you have received your Medicare Card, this is the time to start selecting a Medicare coverage plan, enrolling no later than in the month leading up to your birth month.
Example: Birthday May 5
1) Enroll in Medicare Parts A & B on or soon after January 5; you should receive your Medicare Number within a few weeks.
2) Once you have your Medicare Number, now is the time to select a Medicare Plan. You will decide between a Medicare Advantage Plan or Medicare Supplement and how you will receive your Medicare Drug Benefits.
3) To ensure you have coverage in place on the first day of your birth month, complete your enrollment into your Medicare Plan choice no later than the month before your birth month.
I never charge a fee to help individuals enrolling in Medicare choose Medicare coverage. I receive my compensation through commissions paid by the Medicare Plan you choose. Let me help reduce the stress of this decision process.
