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Medicare General Enrollment Period

What Is The Medicare General Enrollment Period?

What should you do if you missed your Medicare Initial Enrollment Period (IEP)? Your IEP is usually a 7-month period when you first qualify for Medicare. The 7 months can vary depending on your situation but for most people, it’s the best time to enroll in Medicare. If you missed it, you could face late-enrollment penalties unless you were automatically enrolled.

What if you missed your IEP, and you weren’t automatically enrolled in Medicare? Then you can still apply during the General Enrollment period, which starts on January 1st and ends on March 31st every year. You will be able to enroll in Medicare Part A and/or Medicare Part B during the GEP. Your coverage will begin on July 1 the same year you enrolled in Medicare during the General Enrollment Period.

It is best to sign up for Medicare during your IEP rather than during the General Enrollment Period. This is because you may have to pay late-enrollment penalties if you sign up during the GEP. Below are examples of what you have to pay for Medicare premiums and late penalties in 2020.

If you or your spouse worked at least 10 years while paying Medicare taxes, then you qualify for Premium-free Part A Medicare. Try not to delay your enrollment because your monthly Part A premium could increase by 10%. You may have to pay this penalty for double the amount of years that you could have been in Medicare Part A, but weren’t. For instance, let’s say you pay $400 per month for Medicare Part A. And you delayed your enrollment for four years after you became eligible. If the late penalty is 10%, then you could be paying $440 for eight years.

For Medicare Part B, the penalty is a little different. For every twelve-month period you were eligible for Medicare Part B, but did not enroll, your premium may go up 10%. So let’s say your Part B premium is $100/month. If you delayed your enrollment for four years after you were eligible, then your premium could go up to $140/month. If you don’t want to pay this penalty for as long as you’re enrolled in Part B Medicare. Then sign up during your Initial Enrollment Period. This does not apply to you if you meet certain requirements that qualify you for automatic enrollment or a Special Enrollment Period.