Everything you need to know about the Medicare Initial Enrollment Period

There are multiple enrollment periods for Medicare, but the most important one to be aware of is your Initial Enrollment Period (IEP), which occurs when you’re first eligible to sign up for Medicare. Missing your Initial Enrollment Period can result in costly penalties that can last for as long as you have Medicare. The good news is that the period lasts for seven months, so it’s pretty easy to avoid those late enrollment fees. Read this guide to understand when your Initial Enrollment Period is, when you may want to delay your Medicare enrollment, and what to do if you miss your IEP. 

Key takeaways:

• Your Initial Enrollment Period, a 7-month window surrounding your 65th birthday, is generally the best time to sign up for Medicare to avoid late enrollment penalties.

• If you have a qualifying life event, you can enroll in Medicare later, during a Special Enrollment Period, and still avoid late enrollment penalties.

• If you miss your IEP and don’t qualify for a Special Enrollment Period, you’ll have to sign up during the General Enrollment Period and will most likely incur a late enrollment penalty.

What is the Medicare Initial Enrollment Period?

The Medicare Initial Enrollment Period is a 7-month period in which most people sign up for Medicare. While there are other options to sign up if you miss your IEP, it is generally the best time to sign up. Your IEP is unique to you. It begins 3 months before you turn 65, includes your birth month, and lasts for 3 months after. During this window, you can sign up for Original Medicare, which is made up of Part A (hospital insurance) and Part B (medical insurance). If you don’t enroll during your IEP, you could face a late enrollment penalty on top of your monthly premium.

Who needs to use the Initial Enrollment Period?

Generally speaking, if you’re eligible for Medicare due to age, are no longer receiving employer coverage, and not yet drawing from Social Security, the Medicare Initial Enrollment Period is for you. If you’re drawing from Social Security, you’ll be automatically enrolled in Original Medicare when you turn 65. If you’re still working, you may be eligible for the Part B Special Enrollment Period and should compare your employer health insurance with Medicare to choose the best option for your health and financial situation.

There are a handful of other Special Enrollment Periods, so, regardless of your situation, we always recommend speaking with a Medicare insurance agent to determine the best time to enroll. We’re here to help, and our advice is always free! If you have any questions about Medicare, give us a call at 855-900-2427 to feel confident in your Medicare decisions.

What should you do during your Initial Enrollment Period

During your IEP, you can enroll in Original Medicare (Part A and Part B). After you sign up for Original Medicare, you can add on a Medicare Supplement plan and/or prescription drug plan OR choose to switch to a Medicare Advantage plan. Learn more about how Original Medicare compares to Medicare Advantage. 

How to enroll in Medicare during your Initial Enrollment Period

You have several options to enroll in Medicare during your IEP:

• Online: Visit Medicare.gov and follow the prompts to enroll in Parts A and B.

• In-person: Visit your local Social Security office to complete the enrollment process.

• By phone: Call the Social Security Administration at 1-800-772-1213 to enroll over the phone

What to do if you miss your Initial Enrollment Period

If you missed your Medicare Initial Enrollment Period, you’re not alone. In certain situations, you may be eligible for a Special Enrollment Period, which will save you from any late enrollment penalties. Otherwise, you’ll have to enroll during the General Enrollment Period, which occurs once each year.

Medicare Special Enrollment Periods

Special Enrollment Periods (SEPs) allow you to enroll in or make changes to your Medicare coverage outside of the standard enrollment periods. There are a number of Special Enrollment Periods, and each requires a qualifying life event. If you sign up for Medicare during an SEP, you won’t incur late enrollment penalties. The most common qualifying life events are:

• Retiring after 65 and losing health insurance through your employer

• Life events such as being impacted by a natural disaster, change in residence, marriage or divorce

• Receiving inaccurate or misleading information from a healthcare plan or employer

The Medicare Part B Special Enrollment Period is most common. This period is for people who continued working after 65. One important thing to note, however, is that you must be working for a large group employer (with 20 or more employees) to qualify for the Part B Special Enrollment Period.

The Medicare General Enrollment Period

The General Enrollment Period (GEP) is an annual enrollment period for anyone who misses their Initial Enrollment Period and is not eligible to sign up for Medicare during a Special Enrollment Period. The GEP lasts from January 1 to March 31. If you enroll during the GEP, your coverage will begin on July 1 of the same year.

Signing up for Medicare during the General Enrollment Period is not the best choice, and doing so may result in late enrollment penalties. The best times to enroll in Medicare for the first time are during your Initial Enrollment Period or a Special Enrollment Period.

When you can and can’t enroll in Medicare can be confusing, particularly if you have a more unique situation. Let one of our licensed Advisors help you decide when to enroll and what the best Medicare plans are for you. Call us today at (855) 900-2427 or schedule a consultation to see your coverage options and understand all Medicare parts.

Frequently asked questions