Medicare Enrollment Periods
Medicare Enrollment Periods
To receive Medicare benefits, you must enroll during an eligible Medicare Enrollment Period. There are four main ways to become eligible for Medicare enrollment where you can enroll for the first time or review and modify your existing plan. Let’s explore the ways.
The Initial Enrollment Period
The Initial Medicare enrollment period is also called, Aging into Medicare. This period is runs three months prior to your 65th birthday, the month of your birthday and the three months after your birthday.
This is the best time to enroll in Medicare as you will avoid penalties that can be applied if you wait and enroll even six months or a year later.
During initial Medicare enrollment you can schedule a time with your Medicare agent at Bancorp and explore the various benefits and parts of Medicare to help you select the right plan for your needs and budget for the next year.
Note: If you are already receiving social security disability benefits, you will be automatically enrolled in Medicare.
The Annual Enrollment Period
The Medicare Annual Enrollment Period occurs annually from October 15th through December 7th. During this time, you can either enroll in original Medicare for the first time or you can modify or change your existing Medicare plan(s).
It’s a good idea to schedule an annual review with Bancorp Insurance as plans and your needs can change annually. There is no out-of-pocket cost to you for the annual review or any requested changes, and no obligation to enroll.
If you are new to the area or just looking for a new insurance agent, you are always welcome at Bancorp.
The Medicare Annual Enrollment season is very busy for our office. Book your appointment early using our online calendar, so you don’t miss out.
General & Special Enrollment Periods
The General Enrollment Period is for who did not enroll during the Initial Enrollment Period. The General Enrollment Period runs January 1st through March 31st annually. If you enroll during this time, your coverage will not be active until July 1st of that year.
The Special Enrollment Period is for those who have moved outside of the service area that they are currently enrolled in, or if the plan provider stops the plan. If you are eligible for either of those special circumstances then you are allowed to sign up for Medicare or choose a new Medicare Advantage, Supplemental or Prescription Drug Plan.
Appointments are available at no charge or obligation to enroll, click the link below to request a virtual, in-person or telephone appointment or give us a call at (800) 452-6826.
