Medicare provides a General Enrollment Period every year from January 1st to March 31st, and this is generally the only opportunity during which Medicare eligibles can enroll in Parts A and Part B if they failed to do so during their Initial Enrollment Period, IEP. This enrollment period is especially important for those who did not get signed up for Medicare when they were first eligible.
Your IEP, runs for 7 months.
This time frame starts 3 months before your 65th birthday, goes through your birth month, and ends 3 months after your 65th birthday. The best time for medicare eligibles to enroll is during their IEP, but unfortunately because of misunderstanding or misinformation that occasionally does not happen.
For those reasons Medicare offers a General Enrollment period.
There are several things you should know about this enrollment period:
- You can enroll in both Part A and Part B during this time period
- Your coverage will begin on July 1st
- You may have to pay a Part B late enrollment penalty
The later you wait to enroll in Part B the heftier the penalty may be. This higher Part B premium will have to be paid for as long as you have Medicare. To read more about Medicare Part B penalties, follow the link below.