Medicare deadlines that are important to know!
Medicare has several important enrollment periods, and unfortunately, they don’t all follow the same timeline. Some are based on your 65th birthday, while others are triggered by events such as retiring, losing employer coverage, moving, or losing prescription drug coverage.
Understanding a few key Medicare deadlines can help you avoid gaps in coverage and potential late-enrollment penalties.
Turning 65: Your 7-Month Initial Enrollment Period
For most people, Medicare eligibility begins at age 65. Your Initial Enrollment Period (IEP) lasts seven months:
- Three months before the month you turn 65
- Your birthday month
- Three months after your birthday month
If your birthday falls on the first day of the month, Medicare uses slightly different timing.
Not everyone needs to enroll in every part of Medicare at 65. If you or your spouse is still actively working and you have qualifying employer group health coverage, you may be able to delay Medicare Part B without a late-enrollment penalty.
Retiring After 65: Pay Attention to the 8-Month Rule
If you delayed Medicare Part B because you had health coverage through your or your spouse’s current employment, you generally have an 8-month Special Enrollment Period after that employment or employer coverage ends to enroll in Part B.
Waiting too long can result in a lifelong Part B late-enrollment penalty.
One important caution: COBRA is not the same as active employer coverage for Medicare enrollment purposes. Don’t assume that having COBRA means you can continue delaying Medicare.
Prescription Drug Coverage: Remember the 63-Day Rule
If you lose prescription drug coverage that Medicare considers creditable, you generally don’t want to go 63 days or more without Medicare Part D or other creditable prescription coverage.
Going too long without it can lead to a Part D late-enrollment penalty.
Medigap: Your Important 6-Month Window
If you choose Original Medicare and want Medicare Supplement (Medigap) coverage, an especially important period begins when you are 65 or older and enrolled in Medicare Part B.
Your federal Medigap Open Enrollment Period lasts six months. During this period, you have important protections when purchasing a Medigap policy.
Moving? You May Have a Special Enrollment Period
If you move outside your Medicare Advantage or Part D plan’s service area, you may have a Special Enrollment Period that allows you to select new coverage. The AARP article notes that in certain relocation situations, you have two months following the move to make a change.
This is one reason it’s important to notify your plan when you move—even if you’re only moving to another county.
October 15–December 7: Annual Enrollment Period
Medicare’s Annual Enrollment Period occurs every year from October 15 through December 7.
During this period, Medicare beneficiaries can make certain changes to Medicare Advantage and Part D prescription drug coverage.
Even if you’re happy with your current plan, it’s worth reviewing your coverage. Provider networks, prescription drug formularies, costs and benefits can change from one year to the next.
January 1–March 31: Medicare Advantage Open Enrollment
People who are already enrolled in a Medicare Advantage plan have another opportunity from January 1 through March 31 to make certain changes.
During this period, you can switch to another Medicare Advantage plan or return to Original Medicare and have an opportunity to enroll in a stand-alone Part D plan.
The Bottom Line
When it comes to Medicare, timing matters.
Your 65th birthday isn’t the only event that can start the clock. Retirement, loss of employer coverage, loss of prescription coverage, moving and other life changes can all trigger Medicare enrollment deadlines.
And because everyone’s circumstances are different, it’s a good idea to understand which enrollment period applies to you before making a change in coverage.
Have a Medicare question or an upcoming life change?
I’m happy to help you understand your Medicare options and the enrollment timelines that may apply to your situation.