Senior Couple With AgentSome Medicare beneficiaries are enrolled in Original Medicare Part A and Part B automatically when they first qualify during their Initial Enrollment Period (IEP).

Your IEP is generally a seven-month period. This period starts three months before your 65th birthday, and lasts through your birthday month and the three months following that month, depending on your eligibility. When you don’t qualify for automatic enrollment, your IEP is a good time to sign up for Medicare.

If you missed your IEP, you have other opportunities during the year, including the General Enrollment Period (GEP), to enroll in Medicare Part A and Part B. The GEP takes place every year from January 1 through March 31.

Important questions to ask when enrolling in Medicare during GEP

When does Medicare coverage begin if you enroll during GEP?

When you enroll at any time during GEP, your Medicare coverage begins July 1 of the same year.

Are there penalties for late enrollment?

In most cases, if you did not participate in Part A and Part B when you first eligible, you may have to pay penalties when you do enroll, including during the GEP. It’s important to budget for these additional expenses.

Many people receive Part A coverage for free and are automatically enrolled when they turn 65. If you have to pay for Premium Part A, however, your monthly cost can increase up to 10% when you enroll late. You pay the Part A penalty for twice the number of years you could have enrolled in Part A, but didn’t.

The penalty period for Part B lasts as long as you are enrolled in the program. Your monthly premium may increase by 10% for each full 12-month period you could have enrolled in Part B, but chose not to sign up.

Are there penalty exemptions?

Sometimes you can delay enrolling in Premium Part A and Part B and not be subject to penalties. For example, if you have group medical coverage through an employer when you are first eligible for Medicare, you can delay signing up.

When is the Medicare Special Enrollment Period?

If you had group medical coverage when you turned 65, you may qualify for a Special Enrollment Period (SEP). The SEP lasts for eight months after your last day of employment, or the day the group coverage ends, whichever comes first. You can also enroll in Medicare any time before your group coverage ends.

There are some other circumstances that qualify you for a SEP as well. Your Amerilife agent can review the SEP qualifications.

Senior Couple With AgentTake advantage of the Medicare General Enrollment Period: January 1 – March 31

Some Medicare beneficiaries are enrolled in Original Medicare Part A and Part B automatically when they first qualify during their Initial Enrollment Period (IEP).

Your IEP is generally a seven-month period. This period starts three months before your 65th birthday, and lasts through your birthday month and the three months following that month, depending on your eligibility. When you don’t qualify for automatic enrollment, your IEP is a good time to sign up for Medicare.

If you missed your IEP, you have other opportunities during the year, including the General Enrollment Period (GEP), to enroll in Medicare Part A and Part B. The GEP takes place every year from January 1 through March 31.

Important questions to ask when enrolling in Medicare during GEP

When does Medicare coverage begin if you enroll during GEP?

When you enroll at any time during GEP, your Medicare coverage begins July 1 of the same year.

Are there penalties for late enrollment?

In most cases, if you did not participate in Part A and Part B when you first eligible, you may have to pay penalties when you do enroll, including during the GEP. It’s important to budget for these additional expenses.

Many people receive Part A coverage for free and are automatically enrolled when they turn 65. If you have to pay for Premium Part A, however, your monthly cost can increase up to 10% when you enroll late. You pay the Part A penalty for twice the number of years you could have enrolled in Part A, but didn’t.

The penalty period for Part B lasts as long as you are enrolled in the program. Your monthly premium may increase by 10% for each full 12-month period you could have enrolled in Part B, but chose not to sign up.

Are there penalty exemptions?

Sometimes you can delay enrolling in Premium Part A and Part B and not be subject to penalties. For example, if you have group medical coverage through an employer when you are first eligible for Medicare, you can delay signing up.

When is the Medicare Special Enrollment Period?

If you had group medical coverage when you turned 65, you may qualify for a Special Enrollment Period (SEP). The SEP lasts for eight months after your last day of employment, or the day the group coverage ends, whichever comes first. You can also enroll in Medicare any time before your group coverage ends.

There are some other circumstances that qualify you for a SEP as well. Your Amerilife agent can review the SEP qualifications.

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