Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Your initial open enrollment period for Medicare Part B occurs when you're turning 65 years old. It's a 7-month window that starts 3 months before your birth month and ends 3 months after. If you enroll in during the 3 months prior to your birth month, then your effective date will be the 1st of your birth month. If you enroll during your birth month, your effective date will be the 1st day of the following month. If you enroll 1 month after you turn 65, then your effective date will be 2 months after you sign up. If you enroll 2 months or 3 months after you turn 65, then your effective date will be 3 months after you sign up.
To avoid being hit with any delays, it is ideal to sign up during the 3 months prior to your birth month so it starts the month you turn 65.
Note - when you enroll in Medicare Part B, it activates your 6-month open enrollment period to buy a Medicare Supplement (Medigap) policy. Medigap plans covers what Medicare Part B doesn't cover. This is the best time to buy a Medigap plan because you can secure any Medigap plan without any medical underwriting. This means that you can buy a plan regardless of what your medical history is.
You also have the "general enrollment period" available to you if you do not sign up when you first turned 65. This enrollment period for Medicare Part B occurs from January 1st through March 31st of each year. During this time, you can sign up for Medicare Part B if you did not do so when you turned 65 and do not have a special enrollment period available to you. Please note, if you sign up during the general enrollment period for Medicare Part B, the effective date for the coverage will be July 1st. You may also be subject to a late enrollment penalty if you enroll in Medicare Part B after your initial open enrollment period - calculated as a 10% penalty for each 12-month period you could have had Part B and went without it.
You may also have a "special enrollment period" available to you. A common scenario when this occurs is when someone comes off of group coverage through an employer. The effective date of your Medicare Part B coverage would be the first of the following month after you sign up.
I hope the information is helpful - please feel free to contact me for help with your Medicare Supplement plan needs and if you have any other questions. Thanks very much.
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To avoid being hit with any delays, it is ideal to sign up during the 3 months prior to your birth month so it starts the month you turn 65.
Note - when you enroll in Medicare Part B, it activates your 6-month open enrollment period to buy a Medicare Supplement (Medigap) policy. Medigap plans covers what Medicare Part B doesn't cover. This is the best time to buy a Medigap plan because you can secure any Medigap plan without any medical underwriting. This means that you can buy a plan regardless of what your medical history is.
You also have the "general enrollment period" available to you if you do not sign up when you first turned 65. This enrollment period for Medicare Part B occurs from January 1st through March 31st of each year. During this time, you can sign up for Medicare Part B if you did not do so when you turned 65 and do not have a special enrollment period available to you. Please note, if you sign up during the general enrollment period for Medicare Part B, the effective date for the coverage will be July 1st. You may also be subject to a late enrollment penalty if you enroll in Medicare Part B after your initial open enrollment period - calculated as a 10% penalty for each 12-month period you could have had Part B and went without it.
You may also have a "special enrollment period" available to you. A common scenario when this occurs is when someone comes off of group coverage through an employer. The effective date of your Medicare Part B coverage would be the first of the following month after you sign up.
I hope the information is helpful - please feel free to contact me for help with your Medicare Supplement plan needs and if you have any other questions. Thanks very much.