When Should I Sign Up for Medicare?

This is the most common question that I receive when talking to people about their Medicare options. Your Medicare Initial Enrollment Period is an important time frame to be aware of .

Your Initial Enrollment Period (also known as IEP) is a 7-month period. It begins three months prior to your birth month, includes your birth month, and ends three months after your birth month. There is one exception, if your birthday is on the first of the month, your IEP starts one month earlier.

During your IEP, you will sign up for Original Medicare Part A OR Part A & B, a Prescription Drug Plan, and possibly a Medicare Supplement plan (Medigap) or Medicare Advantage Plan. You want to start soon enough in the IEP to receive your Medicare card, which usually takes a few weeks, but can be up to 60 days.

In 2022, an estimated 770,000 Medicare beneficiaries were paying the Part B late enrollment penalty. This is the penalty that you will face if you don’t sign up for Medicare during your IEP, unless you have creditable coverage through an employer plan. The penalty increases for each month that you did not have Medicare coverage.

You worked hard throughout your life to ensure good health care by paying into Medicare once you retired. However, many people do not talk to an licensed agent to see what they are entitled to and how to maximize the benefits. Call Mills Insurance Services today and talk to an agent about your options.