Whether you are just enrolling in Medicare or need to change your plan, Medicare offers an enrollment period for every situation. The trick is knowing when and how those enrollment periods apply to you.
“Think about your Medicare coverage before it’s time to enroll or make a change,” says Terry Meshanko, senior sales executive with Highmark. “Read up and do research to understand medicare, but really evaluate your current needs and situation.” Working with an insurance agent to sift through the available Medicare options and enrollment periods will save you headaches and penalties for enrollment
We’ll help you to understand how each Medicare enrollment period might apply to you:
If you receive Social Security benefits before you turn 65, you’ll be automatically enrolled in Original Medicare (Part A and Part B). For everyone else, this 7-month enrollment period is the time to join Medicare without a penalty. You can also sign up for a Medicare Advantage Plan (Part C) and/or a Medicare Prescription Drug Plan (Part D) during the IEP.
Details for using this enrollment period include:
Since needs and financial situations change, Medicare allows every member to make plan changes during the AEP. “That’s when you can upgrade, downgrade, evaluate what is best for you,” Meshanko says. “Look at what benefits you used the previous year and what medical needs you expect in the near future.”
Details for using this enrollment period include:
The OEP offers the chance for Medicare members who have Medicare Advantage plans to make changes to their coverage. “Look at the plans each year,” Meshanko says. “You are not locked into the initial Medicare Advantage plan you select, but take note of when those changes can be made.”
Details for using this enrollment period include:
Medicare recognizes that working past 65 and other special circumstances may require a late enrollment or unexpected changes to your coverage. Medicare offers a number of SEPs that each address specific situations and have their own restrictions
If you or your spouse are not planning to retire at age 65, there is an SEP to help you avoid penalties or a lapse in coverage. Be sure to check the guidelines for working past 65 and Medicare.
Other SEPs allow you to change your coverage during special circumstances that include moving, losing your current coverage, and qualifying for a special needs plan. “If you need a last-minute special enrollment, you’ll need to act fast,” Meshanko said. “This is where an insurance agent can really come into play.”
Details for using this type of enrollment period include:
To enroll in Medicare, schedule a personal consultation with a Highmark insurance agent or 866-320-8359 (TTY/TDD users may call 711). Medicare product experts are available by phone from 8 a.m. – 8 p.m., seven days a week.