Ready for Medicare? When to Sign Up
Julie VanDyke
If you’re approaching your 65th birthday, CONGRATULATIONS!
Leading up to this milestone year, you may have noticed that you’ve started getting mail from insurance companies. Perhaps you’ve talked with friends, learning their Medicare stories. If this is leaving you feeling overwhelmed or confused, it doesn’t have to be that way.
The first step of your Medicare journey is knowing when to enroll. Timely enrollment helps ensure that you save money, avoid penalties, and get the coverage you need when you need it.
The Basics: When Do You First Become Eligible?
Most people qualify for Medicare when they turn 65. Medicare’s Initial Enrollment Period (IEP) is a seven-month window which starts three months before your 65th birthday month, includes your birthday month, and continues for three months after.
Signing up early (during the first three months) ensures your coverage will start right on time. Waiting until your birthday month or later could delay your benefits, so mark your calendar!
Already Getting Social Security?
Good news: if you’re already receiving Social Security benefits before you turn 65, you’ll be automatically enrolled in Medicare Part A (hospital insurance) and Part B (medical insurance). Your red, white, and blue Medicare card will arrive in the mail about three months before your birthday.
Still Working at 65?
If you’re working and have health insurance through your employer (or your spouse’s employer), you may be able to delay enrolling in Part B without penalty — as long as the employer coverage is considered “creditable.” In this case, your clock for enrollment starts ticking after you stop working or lose your employer coverage, whichever comes first. In this case, an eight-month Special Enrollment Period (SEP) to sign up for Medicare Part B kicks in.
Avoiding Late Enrollment Penalties
Medicare penalties can be lifelong and can add up quickly. For Medicare Part B, the penalty is 10 percent of your monthly premium for every full 12-month period you were eligible but didn’t enroll. For Part D prescription coverage, the penalty is one percent of the national base premium for every month you were late.
Other Key Enrollment Periods
- Annual Enrollment Period (AEP) occurs Oct 15-Dec 7 each year. During this time you can change prescription drug plans, or switch between Original Medicare and Medicare Advantage.
- Medicare Advantage Open Enrollment occurs Jan 1-Mar 31 each year. This is for people already enrolled in Medicare Advantage who want to switch plans or return to Original Medicare.
Signing Up
Enrolling in Medicare is easier than most people expect.
- Online – The fastest method is through Social Security’s website (www.ssa.gov/medicare).
- By Phone – Call Social Security at 1 800 772 1213.
- In Person – Visit your local Social Security office. Make an appointment beforehand to alleviate long wait times when you arrive.
Your 65th birthday is a time to celebrate, and signing up for Medicare as soon as you are eligible is one of the best presents you can give yourself.
Happy Birthday!
Julie VanDyke is a freelance writer specializing in retirement matters. She is committed to simplifying Medicare for all.