Medicare Enrollment Periods
To receive Medicare benefits, you must enroll during an eligible enrollment period. Missing your window can mean penalties, gaps in coverage, or waiting months for coverage to begin.
4 Medicare Enrollment Periods
There are four main enrollment windows where you can enroll in Medicare for the first time, or review and modify your existing plan. Knowing which period applies to you — and acting during the right window — protects you from penalties and gaps in coverage.
Initial Enrollment Period (IEP)
Also called “aging into Medicare,” this is your first and best opportunity to enroll. Enrolling during your IEP means no late enrollment penalties and the widest choice of plans.
During this window, schedule time with your Bancorp Medicare agent to explore the parts of Medicare and select the right plan for your health needs and budget.
Note: If you are already receiving Social Security disability benefits when you turn 65, you will be automatically enrolled in Medicare — no action needed.
Annual Enrollment Period (AEP)
During AEP, you can enroll in Original Medicare for the first time, or switch, change, or drop your existing Medicare Advantage or Part D prescription drug plan.
It’s always a good idea to schedule your annual review with Bancorp Insurance — plans change, your health needs change, and better options may be available. There is no cost to you for the review or any requested changes.
New to the area or looking for a new agent? You are always welcome at Bancorp.
⏰ AEP is our busiest season. Book your appointment early so you don’t miss out.
General Enrollment Period (GEP)
The General Enrollment Period is for people who did not enroll during their Initial Enrollment Period and don’t qualify for a Special Enrollment Period.
If you enroll during GEP, your coverage will not begin until July 1st of that year — meaning you could have a gap in coverage from January through June.
⚠️ Late enrollment penalties may apply. Enrolling through the GEP instead of the IEP can result in permanent premium increases for Part B and Part D.
Special Enrollment Period (SEP)
A Special Enrollment Period is available outside the standard enrollment windows when specific qualifying circumstances occur. Common SEP triggers include:
- You moved outside your plan’s service area
- Your plan exits the Medicare program
- You lose employer-sponsored coverage
- You gain or lose Medicaid eligibility
- You move into or out of a care facility
If you qualify for a SEP, you can enroll in Medicare or choose a new Medicare Advantage, Supplement, or Prescription Drug Plan. Contact your Bancorp agent to confirm eligibility and act quickly — SEP windows are time-limited.
Enrollment Period Quick Reference
At a glance — which period applies to you and when it runs.
Why an Annual Review Matters
Medicare plans change every year — premiums, formularies, network providers, and added benefits can all shift from one year to the next. A plan that was the right fit last year may no longer be the best option.
During the Annual Enrollment Period, your Bancorp Medicare agent will review your current plan, compare it against available alternatives, and help you decide whether to stay put or make a change — at no cost to you.
There is never any obligation to change your plan. We just make sure you’re always making an informed decision.
What We Review Each Year
- Changes to your current plan’s premium
- Drug formulary changes affecting your medications
- Network provider changes
- New plans or carriers available in your area
- Changes to your health or prescription needs
- Extra benefits (dental, vision, hearing) comparisons
Frequently Asked Questions
What Our Clients Say
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From the Bancorp Blog
Ready to Enroll or Review Your Plan?
Appointments are available at no charge and no obligation. Whether you’re enrolling for the first time or coming up on Annual Enrollment, book early — our calendar fills up fast during AEP season.
NOT AFFILIATED WITH OR ENDORSED BY THE GOVERNMENT OR FEDERAL MEDICARE PROGRAM.
Bancorp Insurance represents 7 companies in Deschutes, Klamath, and Lake County for Medicare Advantage Plans. For additional information about Prescription Drug and Medicare Supplement Plans, please make an appointment with an agent. For a list of all options in your area, you may also visit Medicare.gov, Healthcare.gov or shiphelp.org, or call 1 800 MEDICARE.
(TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov.
Please note that each insurer has sole financial responsibility for its products. Not connected with or endorsed by the U.S Government or the federal Medicare program. This is a solicitation of insurance A licensed insurance agent/producer may contact you.
