As a Medicare agent, it’s a good idea to be familiar with each of the Medicare enrollment periods. Here are the main periods that will be helpful to know for any new Medicare beneficiary clients.
Initial Enrollment Period
Every Medicare beneficiary has a different Initial Enrollment Period. Beneficiaries turning 65 will have an enrollment period beginning three months before the month of their 65th birthday and ending three months after the month of their 65th birthday. During that time, they can sign up for Medicare Part A and Part B, then sign up for any Medicare plan they want.
Beneficiaries who qualify due to a disability will have a different initial enrollment period depending on their qualifying condition. Most will receive benefits in the 25th month of receiving disability insurance.
Annual Enrollment Period
The Annual Enrollment Period is from October 15 to December 7 each year. Your clients can enroll in a Medicare Advantage or Part D Prescription Drug Plan during this time, or they could switch plans or drop them and return to Original Medicare. You should keep track of this time frame, because your agency can only enroll clients in those plans during this enrollment period.
Medicare Advantage Open Enrollment Period
The Medicare Advantage Open Enrollment Period runs from January 1 to March 31 every year. During that time, beneficiaries who have a Medicare Advantage plan can switch from one plan to another or drop their plan and return to Original Medicare. If they had a Medicare Advantage Prescription Drug plan and want to continue medication coverage, they can add a Medicare Part D plan.
Special Enrollment Period
Sometimes beneficiaries will qualify for a special enrollment period. These periods are not one set time frame from year to year. They vary based on the circumstances that qualify the beneficiary for a non-standard time frame.
One instance that you may encounter for new beneficiaries is if the beneficiary waited to enroll in Medicare Part B while they had group health insurance through an employer. Losing your health coverage can trigger eligibility, and in this case that happens when the beneficiary no longer works at the company or loses the benefits. From the point when the client loses benefits, they will have eight months to sign up for Medicare. Once they are enrolled in Part B, their options open and your role steps into play.
Understanding the Medicare enrollment periods helps you to become a more effective insurance agent. Contact our team if you have questions.
