There are many different reasons and time periods in which people begin their Medicare journeys. But not everyone’s journey is the same. Some people start Medicare early due to certain qualifying disabilities. Some people may start later due to continuation of work or spousal coverage (which is totally allowed!). And still some people may decide to start right around the time they turn 65–especially since that’s when you start getting all of the mail encouraging you to hurry, hurry hurry!
While in this article, we’ll go over what the Initial Open Enrollment Period (IOEP) is, I want to start by saying not everyone needs to hurry, hurry, hurry! In fact, there are many people who are still working, or that have a working spouse, that may not need to apply for Medicare coverage and any supplemental coverage at all. Each person’s situation is different, so, while I encourage you to do your research and reach out to licensed agents to help figure out what you need, be very weary of falling for the “hurry up and choose now” letters and notices you get in the mail, receive via phone, or hear on TV.
But this article isn’t going to explain in detail all of the different ways and times you can enroll for Medicare and supplemental coverages. No–we’re going to talk about the one everyone definitely knows about: the Initial Open Enrollment Period.
What the heck is the Initial Open Enrollment Period?
IOEP is the 7 month window surrounding your 65th birthday in which you get to choose to sign up for Medicare.
The IOEP begins 3 months before your 65th birthday, includes the month of your 65th birthday, and extends to 3 months after your 65th birthday.
During this time, you have the opportunity to apply for Medicare Parts A and B as well as any additional coverages (Medicare Supplement, Medicare Advantage, or Part D plans) to accompany that coverage.
If you miss this window of time, you may have to wait to apply for Parts A and B until the next General Election Period (January 1 – March 31), and a late Part B penalty may apply.
Yikes! “But you just said I may not have to rush!” I did say that, yes. See, if you or a spouse is still working, and you have coverage that’s provided by an employer, you may be eligible to stay on that plan until you lose that coverage. So, in this case, you do not have to sign up for Medicare.
If, however, you don’t have current coverage or you’ve got an individual plan, or you don’t love the health insurance your employer provides, this is the time period in which you can (or should) sign up for Original Medicare.
Here’s another piece: the earliest this coverage will begin is the first of the month of your birthday, but it’s not the latest it can begin.
For example, if your birthday is in May, you can sign up for Medicare starting in February, but the coverage will not be effective until May 1. But, if you wait to sign up until the middle of June, your coverage will begin July 1.
If you don’t have coverage, and you want your coverage to begin May 1, then you want to get started with this process at least a few months in advance of your birthday to ensure you have plenty of stress-free time to get all of the paperwork done. If you don’t mind waiting for coverage to go into affect, then your time constraints aren’t quite as pressing. Though, you do want to ensure you’re getting it done within that 7 month window.
Again, each person’s situation is different. This article is intended to be an overview of what the Initial Open Enrollment is and how it may pertain to you. To know exactly what your options are, please visit Medicare.gov or talk to a licensed agent in your area!