- Initial Enrollment Period (IEP):
- This is the first opportunity for most individuals to enroll in Medicare.
- The IEP lasts for seven months and includes the three months before the month of the individual’s 65th birthday, the birth month itself, and the three months following the birth month.
- During this period, individuals can enroll in Medicare Part A and/or Part B. If they’re already receiving Social Security benefits, they are usually enrolled automatically.
- General Enrollment Period (GEP):
- The GEP occurs annually from January 1st to March 31st.
- If someone missed their Initial Enrollment Period and didn’t sign up for Medicare during a Special Enrollment Period (explained next), they can use the General Enrollment Period to enroll in Medicare Part A and/or Part B.
- However, late enrollment penalties may apply to Part B premiums if they didn’t enroll during their Initial Enrollment Period and were not eligible for a Special Enrollment Period.
- Special Enrollment Period (SEP):
- Special Enrollment Periods are triggered by specific life events, and they allow individuals to enroll in or make changes to their Medicare coverage outside the standard enrollment periods without incurring late enrollment penalties.
- Qualifying life events may include things like retirement, losing employer-based coverage, moving out of the coverage area, or other circumstances that impact the existing coverage.
- Medicare Advantage Open Enrollment Period (MA OEP):
- The MA OEP occurs annually from January 1st to March 31st.
- During this period, individuals enrolled in a Medicare Advantage plan can switch to another Medicare Advantage plan or return to Original Medicare with or without a standalone Part D plan.
- Medicare Part D Open Enrollment Period:
- The Medicare Part D Open Enrollment Period takes place annually from October 15th to December 7th.
- During this period, beneficiaries can enroll in a Medicare Part D prescription drug plan or switch to a different Part D plan. It is also an opportunity for individuals with Original Medicare to join a Medicare Advantage plan that includes Part D coverage.
- Medicare Supplement (Medigap) Open Enrollment Period:
- The Medigap Open Enrollment Period begins when an individual turns 65 and is enrolled in Medicare Part B.
- It lasts for six months, during which insurance companies must offer Medigap plans to beneficiaries without considering pre-existing conditions.
- After this period, applicants may still purchase Medigap coverage, but they may be subject to medical underwriting, and the availability of certain plans may vary.
