There are five Medicare enrollment periods you need to be aware of:
ICEP- Initial Coverage Election Period is your initial enrollment into Medicare, Part A and Part B and begins three months before your 65 birthday, includes the month of your birthday and extends three months after your 65 birthday. If you work and have credible health insurance coverage and you wait to enroll in Medicare, say at age 66 or older, then when you leave your creditable coverage, you have 63 days to enroll in Medicare or pay a 10% Part B penalty.
IEP – Part D Initial Election Period is a special enrollment time to enroll in Part D if you lost creditable Part D coverage or did not enroll in Part D during your ICEP.
SEP – Special Enrollment Period is for those experiencing unique qualifying events such as moving, and their existing Medicare health plan is not offered in their new location.
AEP- Annual Election Period, October 15 to December 7, whereby you can change your Medicare Advantage or your stand-alone Prescription Drug plan.
New OEP- Medicare Open Enrollment Period, January 1 to March 31, where you can make one change to your you Medicare Advantage plan.
ICEP- Initial Coverage Election Period is your initial enrollment into Medicare, Part A and Part B and begins three months before your 65 birthday, includes the month of your birthday and extends three months after your 65 birthday. If you work and have credible health insurance coverage and you wait to enroll in Medicare, say at age 66 or older, then when you leave your creditable coverage, you have 63 days to enroll in Medicare or pay a 10% Part B penalty.
IEP – Part D Initial Election Period is a special enrollment time to enroll in Part D if you lost creditable Part D coverage or did not enroll in Part D during your ICEP.
SEP – Special Enrollment Period is for those experiencing unique qualifying events such as moving, and their existing Medicare health plan is not offered in their new location.
AEP- Annual Election Period, October 15 to December 7, whereby you can change your Medicare Advantage or your stand-alone Prescription Drug plan.
New OEP- Medicare Open Enrollment Period, January 1 to March 31, where you can make one change to your you Medicare Advantage plan.