- Initial Enrollment Period (IEP). This is the 7-month period that starts 3 months before the month you turn 65 and ends 3 months after the month you turn 65. If you enroll in a Medicare Advantage plan during this time, your coverage will start the first day of the month you enroll.
- Annual Election Period (AEP). This is the 7-month period that runs from October 15 to December 7 each year. During this time, you can switch to another Medicare Advantage plan, or to Original Medicare (and join a separate Medicare drug plan) once during this time.
- Medicare Advantage Open Enrollment Period (MA OEP). This is the 3-month period that runs from January 1 to March 31 each year. If you’re enrolled in a Medicare Advantage plan, you can switch to a different Medicare Advantage plan (with or without drug coverage) or go back to Original Medicare (with or without a drug plan) once during this time.
- Special Enrollment Period (SEP). This is a special enrollment period that allows you to enroll in a Medicare Advantage plan if you have a qualifying life event. A qualifying life event is something that changes your eligibility for Medicare, such as losing your employer-sponsored health insurance or moving to a new geographic area.
If you miss the Initial Enrollment Period, you may have to pay a penalty for late enrollment. The penalty is based on how long you wait to enroll. The longer you wait, the higher the penalty.
Here are some other important dates to remember:
- Medicare Part B Enrollment Deadline. If you do not enroll in Medicare Part B during your Initial Enrollment Period, you may have to pay a late enrollment penalty for the rest of your life.
- Medicare Part D Enrollment Deadline. If you do not enroll in Medicare Part D during your Initial Enrollment Period, you may have to pay a late enrollment penalty for the rest of your life.
- Medicare Advantage Open Enrollment Period Deadline. If you do not enroll in a Medicare Advantage plan during the Medicare Advantage Open Enrollment Period, you may have to wait until the next year to enroll.
It is important to remember these dates and to act before they pass.
If you have any questions about Medicare, you can contact Ashford Insurance at 817-952-3153.
Photo by Anna Shvets
