Every year, Medicare provides two enrollment periods that run from Jan. 1 through March 31. During the General Enrollment Period, individuals can apply for Medicare if they missed their Initial Enrollment Period (IEP) or don’t qualify for a Special Enrollment Period. Coverage begins July 1 of that year. If you missed your IEP when you turned 65, you may incur late enrollment penalties that will increase your premiums.
Medicare’s Open Enrollment Period (OEP) occurs every Oct. 15 to Dec. 7. Beneficiaries may enroll in, switch to or disenroll from Original Medicare, Medicare Advantage (MA) or Part D prescription (PDP) drug coverage. Changes made during OEP take effect on Jan. 1 of the following year.