Applying for Medigap Insurance is easy, but understanding the timelines and deadlines of Medicare Part B is critical, and will be the focus of the remainder of this article. Insurers will not issue you Medigap (Medicare Supplement) Insurance until you are enrolled in Medicare Parts A and Part B. However, many will accept your application early and pend it, while your Medicare application is being processed.
The official U.S. Government Handbook on Medicare is called Medicare and You. Another valuable government publication is Choosing a Medigap Policy. These combine for 128 pages of valuable information. Yes, it’s a lot of pages, and if you want the readers digest version, ask for help: Connect with an independent agent in west San Jose- it’s FREE and will save you hours of time: (408) 252-7300. The links to publications are at the bottom of this article, and the following are some important excerpts:
Timelines and Deadlines of Medicare Part B: Initial Enrollment Period
I encourage everyone to get a local consultation e.g. Silicon Valley/Bay Area by age 62, in order to understand “what you are getting into.” But once you reach your Initial Enrollment Period or IEP, you can first sign up for Part A and/or Part B during the 7-month period that begins 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after the month you turn 65. If you sign up for Part A and/or Part B during the first 3 months
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of your Initial Enrollment Period, in most cases, your coverage starts the first day of your birthday month. However, if your birthday is on the first day of the month, your coverage will start the first day of the prior month. If you enroll in Part A (that you have to pay for) and/or Part B the month you turn 65 or during the last 3 months of your Initial Enrollment Period, the start date for your Part B coverage will be delayed.
“Remember, in most cases, if you don’t sign up for Part A (if you have to buy it) and Part B when you’re first eligible, you may have to pay a late enrollment penalty.”
Still need help? Then get an independent agent– Did you know there is no extra cost for these services? They are compensated by your Medigap insurance company and you will pay the same low premium with or without an agent.
Timelines and Deadlines of Medicare Part B: General Enrollment Period
If you didn’t sign up for Part A (if you have to buy it) and/or Part B (for which you must pay premiums) during your Initial Enrollment Period, and you don’t qualify for a Special Enrollment Period, you can sign up between January 1–March 31 each year. If you enroll using this SEP, Your coverage won’t start until July 1 of that year, and you may have to pay a higher Part A and/or Part B premium for late enrollment.
What’s the Part B Late Enrollment Penalty?
If you don’t sign up for Part B when you’re first eligible, you may have to pay a late enrollment penalty for as long as you have Part B. Your monthly premium for Part B may go up 10% for each full 12 months in the period that you could’ve had Part B, but didn’t sign up for it. If you’re allowed to sign up for Part B during a Special Enrollment Period, you usually don’t pay a late enrollment penalty. See page 17
Still need help? Then get an independent agent– there is no extra cost for these services.
In California, many of us work past Age 65, how does that affect timelines and deadlines?
If you didn’t sign up for Part B when you were first eligible because you’re covered under a group health plan based on current employment, then you can sign up for Part B anytime while you’re still covered by a current employer group medical plan. You also may sign up for Part B during the 8-month period, immediately after employment or coverage ends (the period begins based on whichever occurs first). This is referred to as a Special Enrollment Period.
If you are working past 65, and thinking about transitioning off employer health insurance, we have prepared a checklist to help you, but read this first.
There are other Special Enrollment Periods, in certain situations. Get an independent agent to guide you at no extra cost or phone Medicare directly at 1‑800‑MEDICARE (1‑800‑633‑4227).
Resources and Links
- Must Read for 62 Year-olds: Before You Reach Medicare
- 1‑800‑MEDICARE (1‑800‑633‑4227) to get the most current information. TTY users can call 1‑877‑486‑2048.
- Our blog article: The Buzz About Plan G and Plan G Extra
- https://www.medicare.gov/Pubs/pdf/10050-Medicare-and-You.pdf (The official U.S. Government Medicare Handbook, 120 pages)
- https://www.medicare.gov/Pubs/pdf/02110-medicare-medigap-guide.pdf (Centers for Medicare and Medicaid Services 2020, 52 pages) Will help you understand how Medigap policies work
- You can also apply for Part A and Part B at ssa.gov/benefits/medicare
- Ask your local Medicaid office about Medicare Savings Programs if you need help due to limited income/resources.
- https://www.ssa.gov/benefits/medicare/prescriptionhelp/
- Still need help? Then get an independent agent- there is no extra cost.
