Don’t Miss These Need to Know Medicare Dates!

One of the most important is your Initial Enrollment Period (IEP). This is your very first chance to sign up for Medicare. The period starts three months before your 65th birthday and lasts three months after your birthday, so you have a full seven months to join Medicare.

If you are still working, you’ll want to enroll in Part A during this initial enrollment. This is because it doesn’t have a cost and can help cover hospital costs you may incur. I know someone who opted out of part A because they were still employed and unexpectedly had a hospital stay. If they had signed up for Part A, it would have saved them some out-of-pocket expenses they had to pay.

For Part B, you’ll want to consider your healthcare needs and then compare your current employer-provided coverage and cost with what Medicare covers at what cost. Then, you can decide if you should get Medicare Part B and D, a Medigap plan, or a Medicare Advantage plan.

Special Enrollment Periods (SEP): If something big happens in your life, like moving to a new area or losing your current health coverage, you might get an extra chance to sign up for Medicare. Or, if you are interested in moving to a 5-star plan, you have a special enrollment period to change from your current coverage to the 5-star plan between December 8th and November 30th of the following year.

Annual Enrollment Period (AEP): This is the yearly shindig that occurs from October 15 to December 7. It's a great time to review your current Medicare plan and make any needed changes.

Medicare Advantage Open Enrollment: From January 1 to March 31, this is the time for people with Medicare Advantage plans to switch to a different plan or return to Original Medicare.

Knowing about these important dates can make navigating Medicare a whole lot smoother.

As a special offer, I will provide complimentary comprehensive financial planning that includes the effects of different Medicare plans for anyone curious about the right plan for their financial situation. Contact me to take advantage of this offer at (385)319-2878 or Alan@bountifulplanner.com.

Alan B Faerber CFP® CRPC®