Understanding Medicare: Key Enrollment Dates to Remember

If you're approaching age 65 or already on Medicare, it's important to know the key enrollment dates. Missing these deadlines can result in late fees or limited coverage, so mark your calendar!

1. Initial Enrollment Period (IEP): Your first chance to enroll starts 3 months before your 65th birthday and lasts until 3 months after. This is when you can sign up for Medicare Parts A and B.

2. General Enrollment Period (GEP): Did you miss your initial enrollment? The GEP runs from January 1 to March 31 each year. Coverage starts on July 1, but be aware that you may incur a late enrollment penalty.

3. Annual Election Period (AEP): This period, from October 15 to December 7, allows you to review and change your Medicare Advantage (Part C) and Part D prescription plans. Changes made take effect on January 1 of the following year.

Understanding these dates is crucial to maximizing your Medicare benefits without unnecessary fees or gaps in coverage. If you’re unsure about which plan is best, reach out for a free consultation.