Navigating The Medicare Annual Enrollment Period, (AEP), Initial Enrollment Period (IEP), Special Enrollment Period, (SEP) And the General Enrollment Period, (GEP).
*It is never too early to prepare for open enrollment with Medicare. We are lucky to have a Licensed Broker contribute information so you don't have to approach "that time" without sound knowledge of what you are going to sign up for. Hope this helps.
In this blog you will get a general 30,000-foot view of the difference between the different Medicare enrollment periods.
1. What is the Medicare AEP?
*The Medicare Annual Enrollment Period (AEP)occurs between October 15 til December 7 each year.
*During this time, beneficiaries can make changes to their Medicare health or drug plans.
2. Changes You Can Make:
*Participants can switch, add, or drop plans during the AEP.
*Any changes made during this period take effect on January 1 of the following year.
3. *Initial Enrollment Period, (IEP):
* Most people sign up for Medicare Part A and Part B when they turn age 65
*No penalties apply during the IEP.
*If you're already covered by an employer group health plan, you might delay signing up for Part B.
4. Special Enrollment Period (SEP):
*If you've been covered by an employer group health plan, you have an SEP.
*Sign up for Part B within 8 months of stopping work or when the group health plan ends.
*Coverage begins the month after enrollment.
5. General Enrollment Period (GEP)
If you miss other enrollment periods, the GEP runs from January 1 to March 31.
There is typically a lifelong penalty for signing up during the GEP.
Thank you Rick Peterson, Independent Licensed Broker, Ca License #OE52928
949-677-3864 cell