Medicare Enrollment Periods

If you are considering enrolling into Medicare, you are probably wondering when you are eligible to enroll. Fortunately, there are different enrollment periods that are available to you. Today, we will go over each enrollment period and what they entail. Let’s start with the six enrollment options:

• Initial Enrollment Period (IEP)
• General Enrollment Period (GEP)
• Special Enrollment Period (SEP)
• Annual Enrollment Period (AEP)
• Medicare Advantage Open Enrollment
• Missouri Open Enrollment (Missouri Anniversary Rule)

Initial Enrollment Period (IEP)

The first enrollment period listed above is the Initial Enrollment Period, this is the enrollment period that most people think of when enrolling into Medicare. When enrolling during this period, there is a seven-month window around your 65^th birthday. This seven-month window includes three months before your 65^th birthday, the month of your 65^th birthday and three months after your 65^th birthday. During this time, you can enroll into Medicare Part A and Part B. You can also enroll into a Medicare Advantage Plan, also known has Part C, as well as a stand-alone prescription drug plan, also known as Part D. It is very important to review your situation during this period, if you do not sign up for Medicare Part A, B and D, you could face Medicare related penalties.

General Enrollment Period (GEP)

The General Enrollment Period runs from January 1^st to March 31^st of each year. This period allows you to sign up for Medicare Part A and/or Part B. You would use GEP if you are not eligible for a Special Enrollment Period or if you did not sign up when you were first eligible for Medicare. Recently, there has been some confusion as to when your Medicare would go into effect when using GEP. Prior to 2023, coverage would have started July 1^st of the year you signed up. Starting in 2023, coverage goes into effect the month following your enrollment via GEP. *Late enrollment penalties could apply. *

Special Enrollment Periods (SEP)

Special Enrollment Periods are custom tailored enrollment periods to your specific situation. During these periods, you can join, switch or drop a Medicare Advantage Plan or a Prescription Drug Plan. There are a large list of Special Enrollment Periods, the most common are listed below:

• Moving out of your plan’s service area.
• Employer sponsored plans ends or your employment ends.
• Weather declared emergencies in your local area.
• Moving into a Long-Term Care Facility, Skilled Nursing Facility, Rehabilitation Hospital, etc.

Annual Enrollment Period (AEP)

The Annual Enrollment Period is the period that runs between October 15^th and December 7^th. Changes made during this time will go into effect the following calendar year (January 1^st). During Annual Enrollment Period, you are eligible to do the following:

• You can switch from one Medicare Advantage Plan to another.
• You can switch from one Medicare Prescription Drug Plan to another.
• If you have Original Medicare, you can switch to a Medicare Advantage Plan.
• If you have a Medicare Advantage Plan, you can switch to Original Medicare.

Medicare Advantage Open Enrollment

Medicare Advantage Open Enrollment is January 1^st through March 31^st. This period allows individuals that are enrolled in the Medicare Advantage Plan to make a one-time election to go to another Medicare Advantage Plan or go back to Original Medicare. If you elect to go back to Original Medicare, you will also be able to enroll into a Medicare Prescription Drug Plan. Any changes made during this period will go into effect the month following the month the changes were made. *If you decide to go back to Original Medicare, you can also add a Medicare Supplement Plan. However, in most circumstances, you will have to health qualify to enroll in the Medicare Supplement.*

Missouri Open Enrollment (Missouri Anniversary Rule)

Missouri, as well as other select states, have a special option available to individuals already enrolled in a Medicare Supplement (Medigap policy). This special enrollment option is called Missouri Open Enrollment, also known as the Missouri Anniversary Rule. This allows individuals to switch from one Medigap policy to another Medigap policy each year on the anniversary date of their Medicare Supplement, without having to health qualify. There are a couple rules that do apply, they are listed below:

• You must switch your plan 30 days before or 30 days after your Medicare Supplement anniversary date.
• You must switch to a Medicare Supplement (Medigap policy) with equal benefits. For example, switching from company A’s Medigap Plan G to company B’s Medigap Plan G. *If you want to switch to a different Medigap policy with more or less benefits, you will have to be approved through medical underwriting. *

To summarize, there are many different enrollment options available to you. This allows you many opportunities to enroll into Medicare or to switch plans for better or more affordable coverage. Senior Benefits Plus highly recommends that you review your Medicare plan every year, at minimum, to ensure you are on the best plan for your situation.