One of the enrollment periods for those eligible for Medicare is the General Enrollment Period. The General Enrollment Period provides another chance for people who are eligible for Medicare to sign up if they didn’t do so during their Initial Enrollment Period.
What is the Initial Enrollment Period?
If you are newly eligible, you can sign up for Part A and Part B (Original Medicare) during your Initial Enrollment Period. Although, some people may qualify for automatic enrollment and may not need to sign up manually during this period.
This period is personalized to you as it marks when you first become eligible to enroll in Medicare. It will start three months before your 65th birthday month and end three months after. Enrolling during this period is crucial if you want to avoid late enrollment penalties.
However, if you do not register during your Initial Enrollment Period, you can sign up during the General Enrollment Period.
What is the General Enrollment Period?
After the Initial Enrollment Period, the General Enrollment Period is another period that allows you to enroll in Medicare. Instead of being personalized to you, this period starts on January 1 each year and ends on March 31. If you enroll in Medicare during the General Enrollment Period, your coverage will become active on July 1.
Those who delay their enrollment to this period will pay a late enrollment penalty. The late enrollment penalty will be added to your monthly premium. If you already have Part A but never enrolled in Part B, you can also sign up for Part B during this period, and the late enrollment penalty will be added to your Part B premium. This penalty is permanent and cannot be paid off.
If you enroll in Part A or Part B during the General Enrollment Period, you will get a Special Enrollment Period to help you sign up for Part D to get prescription drug coverage. You will be able to enroll in Part D from April to June, and your coverage will become active on July 1.
Want to Learn More? We Can Help
At Medicare With Jake, we understand how important it is to get the Medicare coverage you need at the right time. To learn more about the General Enrollment Period and how it may benefit you, give us a call today.
