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When Is The Best Time To Enroll In Medicare?

Costs Of Medicare

Many people find that Medicare is the best choice for their health insurance in retirement. Enrolling in Medicare is a choice that could end up saving you thousands of dollars and ensuring that you have access to great healthcare.

Medicare has multiple different policies that are available. Medicare is very specific about its policies, so it’s important that you learn the different guidelines that are associated with them. One of the things that Medicare is specific about is enrollment periods. If you’re not yet enrolled in Medicare, then it’s important that you learn about the different enrollment periods. Missing an enrollment period could mean having to wait for your Medicare coverage, so it’s important that you’re aware of the different periods you can enroll during.

Initial Enrollment Period

The Initial Enrollment Period is the best time to enroll in Medicare. During this period, you’ll have access to all of the coverage options and can decide which ones are right for you. This period spans seven months. The three months before your 65th birthday and the three months after are when you should strongly consider your Medicare options.

Taking advantage of your Initial Enrollment Period is important, so that you can make sure you enroll on time. If you miss your Initial Enrollment Period, then you may need to wait for the General Enrollment Period.

General Enrollment Period

The General Enrollment Period starts on January 1 and ends on March 31 each year. It gives you a second chance to enroll in Medicare if you missed your Initial Enrollment Period. However, enrolling in this period means your coverage won’t begin until July 1, and you will have to pay late enrollment penalties.

Once you’re enrolled in Medicare you will have another enrollment period that happens every year that allows you to review your current Medicare coverage and decide if it still works for you. This is known as the Annual Enrollment Period.

Annual Enrollment Period

The Annual Enrollment Period happens once a year and is when individuals can enroll in a new Medicare policy. This is a time when you should consider your current Medicare coverage and evaluate if it’s still the best option for you. If another policy would be better, then you can make the change during this time.

The Annual Enrollment Period spans from October 15 to December 7. It’s a good idea to mark this time on your calendar, so that you’ll be sure not to miss it. 

If you have questions about Medicare enrollment, we can help. We’re here to make the process simple for you and ensure that you have all of your questions answered. Feel free to make an appointment today and we can walk you through the Medicare enrollment process.

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