Medicare Election Periods

And How do They Affect You?

by AdriAnn Bossie, Senior Insurance Solutions

As if insurance in general isn’t confusing enough, Medicare really confuses people! Most employer-based insurance has an annual open enrollment period with only one or two options to choose from. Medicare, on the other hand, has multiple times throughout the year that allows someone to enroll. With many of us starting to think about and planning for retirement around age 60, knowing your options early is very helpful to your overall planning process.

So, which one is right? Which one should you choose? Let’s talk about them and how each applies to you.

The first and longest period is called your initial election period (IEP). It starts three months before you turn 65 and lasts until three months after your birth month. That gives you a seven-month window to decide whether or not you want to enroll in a Medicare plan at age 65 or wait until a later date. Then there is a special election period (SEP). This can occur any time throughout the year. A SEP happens for many different reasons also: if you retire and lose employer health coverage; if you move to another state; if you qualify for state Medicaid; if you are retired military on Medicare and Tri-care for Life; or if there is a natural disaster are just some examples of what can prompt an SEP.

We have all heard about the Annual Enrollment Period (AEP). That is the eight-week window from October 15 - December 7 when anyone can enroll for the first time or change plans for the upcoming year. And if you have a TV you’ve probably seen the commercials!

And finally, we now have an Open Enrollment Period (OEP) – this occurs from January 1 - March 31 each year. Who can use this election period? Anyone on a Medicare Advantage Plan that wants to make one final change for the year or wants to leave a Medicare Advantage plan and return to original Medicare.

Still confused? That’s where I come in. I can help guide you to the best options and enrollment time for you. I start talking to people about their choices in Medicare plans long before they turn 65; I often meet with people as young as 60, especially since this is when many of us start really planning for retirement. Healthcare costs in retirement can be a scary thought since it’s an unknown and could be a large expense. Meeting with a Medicare professional like me early in the retirement planning process can help with your long term financial planning, and alleviate anxiety about what your costs could be as you age. So please feel free to contact me even if you aren’t yet 65. Starting the education process early is a smart move!

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