Enrolling in Medicare

Knowing when to sign up or enroll in Medicare doesn’t have to be confusing. Understanding your situation can help you make the most of the Medicare services and plans available, ensuring you’re covered and protected during your retirement years.

Finding the right time to enroll in Medicare is important. Enrolling too early could cost you extra money, while signing up too late can lead to lifelong penalties. While you may be eligible for Medicare at 65, that doesn’t always mean you have to sign up right away. Learn more about the best time to enroll in Medicare, who can delay enrollment, and the Medicare enrollment periods you need to know.

You and your spouse’s (if applicable) employment status play a crucial role in determining when to sign up for Medicare. Here’s what you need to know:

Yes, you can have both employer insurance and Medicare, but it depends on the size of the company you or your spouse work for:

• Fewer than 20 Employees: You should [ZD2] enroll in Medicare because employer insurance becomes secondary once you’re eligible for Medicare.
• 20 or More Employees: You can delay enrolling in Medicare since your employer insurance is considered creditable coverage. This gives you a Special Enrollment Period when you’re ready to enroll in Medicare.

If you have a COBRA plan, you should start Medicare at 65. COBRA is temporary and can be expensive. Once you’re eligible for Medicare, COBRA becomes secondary. Not enrolling in Medicare at 65 may result in lifelong penalties and delayed enrollment.

If you have TRICARE, you should enroll in Medicare at 65. TRICARE becomes secondary once you’re eligible for Medicare. This applies to military personnel and their families.

If you have VA health benefits and receive care at VA clinics and facilities, Medicare should still be something you consider. Medicare will provide you the ability to receive non-emergent care when you are away from a VA clinic. Certain Medicare Advantage plans pair well with your VA health benefits and offer additional benefits such as dental, vision, hearing, and in some cases also offer to help pay your Part B premium.

If you have an Affordable Care Act (ACA) plan, it’s best to transition to Medicare at 65. ACA subsidies and cost-sharing benefits end at 65, making it more cost-effective to switch to Medicare.

There are several Medicare enrollment periods, each serving a different purpose. Here’s a quick guide:

Initial Enrollment Period (IEP)

Your IEP is the first time you can enroll in Medicare. It lasts 7 months, starting three months before your birth month and ending three months after. This is the best time to enroll in a Supplemental plan and Medicare Part B without penalties.

Special Enrollment Period (SEP)

The SEP allows you to enroll in Medicare outside your IEP. Situations that qualify include moving out of your Medicare Advantage service area, working past 65 with creditable coverage, and losing employer coverage. The duration of the SEP varies.

General Enrollment Period (GEP)

The GEP runs from January 1 to March 31. If you missed your IEP or don’t qualify for an SEP, you can sign up for Medicare Part A and Part B during this time. However, you may face a lifelong penalty on your Part B premium.

Annual Enrollment Period (AEP)

The AEP is from October 15 to December 7. During this period, you can change your Medicare Advantage and Prescription Drug Plans. Any changes you make will take effect on January 1.

Navigating Medicare enrollment can feel overwhelming, but we’re here to help. Our Medicare Champions are passionate about helping you understand Medicare so you can enjoy retirement. Reduce your stress by scheduling time for a one-on-one consultation.