MEET & GREET With Jill
Jill Clifford , Managing Agent
Join Jill at one of her local upcoming events!
Jill Will Be Covering:
* "ABCD's of Medicare" * Free Educational event on the basics of Medicare and your choices for coverage
* No cost nor obligation
MEET & GREET
Attend One Of Jill's Local Workshops and Receive Updates and Announcements 100% FREE!
September 26, 2024
10 am - noon
Auburn Annual Health Fair
Auburn Senior Center Gym 808 9th St SE, Auburn, WA 98002
October 5, 2024
1 pm - 2:30 PM
Auburn Public Library
1102 Auburn Way S,
Auburn, WA 98002
October 24, 2024
11 am - 2:00 PM
Health & Wellness Fair
25035 104th Ave SEKent, WA 98030
Sponsored By:Cogir of Kent, Senior Living
Articles Quick Access
The ABCD’s of Medicare – Medicare Enrollment Periods By Jill Clifford
Standard enrollment periods for Medicare and Medicare plans are Initial Enrollment Period (IEP), Annual Enrollment Period (AEP), Open Enrollment Period (OEP) for Medicare Advantage only, and the General Enrollment Period for Medicare Part B. There are also special enrollment periods (SEPs), allowing individuals to enroll into Medicare and Medicare plans, which we will cover in other articles.
For individuals turning 65 years old, Medicare normally sends their Medicare card and letter of eligibility around four months before the month they turn 65. Individuals are required to enroll in Medicare Part B, unless they have credible coverage as good as Medicare, like an employer’s plan. NOTE: Insurance under COBRA (Consolidated Omnibus Budget Reconciliation Act) is NOT considered credible coverage for Medicare. There is a 10% penalty assessed for every year that a person does not enroll in Part B when eligible, or have other credible coverage. A penalty is also assessed for not enrolling in Part D, whether a stand-alone prescription drug plan (PDP) or within a Medicare Advantage plan. NOTE: Veterans Administration (VA) medical benefits ARE NOT considered credible coverage for Medicare; Part B enrollment is not optional. However, VA prescription drug coverage IS considered credible for Medicare Part D.
The Initial Enrollment Period (IEP) is a seven month window to enroll in a Medicare plan, whether a stand-alone PDP, with or without a Medicare Supplement plan, or a Medicare Advantage plan. IEP is three months before the 65 th birthday, the month of the 65 th birthday, and three months following the 65 th birthday. Medicare is effective on the first day of the birthday month. Exception: if the 65th birthday falls on the first of the month, Medicare effective date is the first of the prior month. For example, if the 65 th birthday is October 1 st , Medicare is effective on September 1 st .
If covered under employer’s insurance, individuals may opt to decline Medicare Part B (medical benefits) before Part B is effective, and only keep Medicare Part A (hospitalization). There is no premium for Part A if an individual or spouse qualifies for Medicare. Premium for Medicare Part B is $164.90 per month in 2023, unless annual income exceeds $97,000 for an individual, or $194,000 for joint married. Above that, Medicare also charges IRMAA (Income- Related Monthly Adjusted Amount) for both Medicare Part B and Part D. Remember, however, enrollment in both Medicare Part B and D is required, unless there is other credible coverage. Individuals may apply for Part B premium payment by the state, if monthly income is less than $1529, or $2060 for a couple.
If not enrolled in a Medicare plan during their IEP, individuals must wait until Annual Enrollment Period (AEP), October 15 through December 7 each year. AEP is also when individuals already on Medicare may change their Medicare plans. AEP enrollments are effective January 1, the following year.
Individuals on Medicare Advantage (MA) plans may change MA plans during Open Enrollment Period (OEP), January 1 through March 31. They may also choose to drop their plan, go back to original Medicare Parts A and B, and enroll into a prescription drug plan (PDP). OEP is not a period when individuals may change PDP plans, or initially enroll in either a PDP or MA.
If not enrolled in Medicare Part B when eligible, there is a General Enrollment Period from January 1 to March 31. There may be a late enrollment penalty, depending on whether or not the individual qualifies for a SEP, like losing employer coverage. Part B coverage will be effective the first day of the month after enrollment.
