Suppose you didn’t sign up for Medicare Part A or Medicare Part B during the Initial Enrollment Period (IEP) when you were first eligible. In that case, you have another chance to sign up during the Medicare General Enrollment Period.
Let’s take a look at everything you need to know about the Medicare General Enrollment Period (GEP).
General Enrollment Period for Original Medicare
You can use the GEP to sign up for Medicare Part A and Medicare Part B any time from January 1st to March 31st, and your coverage will start on July 1st. That means since your Medicare coverage won’t become effective until July 1st, you won’t have any healthcare coverage until then.
Under most conditions, the Medicare General Enrollment Period is the only window outside the IEP that you can enroll in Medicare. If you fail to sign up during your IEP and don’t qualify to enroll during the SEP, then the GEP is your last chance to sign up.
Remember that there is a chance you will be charged a 10% late enrollment penalty every 12 months you didn’t sign up for Medicare Part B when you first became eligible. You will continue paying this penalty as long as you have Medicare Part B.
General Enrollment Period for Medicare Part D
When you sign up for Medicare Part A and Part B during the GEP, you will also get the option to enroll in the Medicare Part D prescription drug plan. However, just like Medicare Part B, Part D also has an enrollment penalty if you didn’t enroll when you first became eligible.
Navigating the Medicare process can be challenging without the help of a licensed Medicare expert. What you knew about Medicare last year could now be outdated. At Generations Insurance, our job is to make enrolling in Medicare easy for you. Contact us today to get your Medicare coverage started now.