Medicare 101: Understanding When You Can Enroll

Let’s be honest, no one gets too excited about enrolling in Medicare, but the more you know, the easier it is.

Start researching now so you’re ready when the time comes!

What are the different types of Medicare?

When it comes to Medicare, you’ve got options. Explore the different parts of Medicare and what they cover:

• Part A: This is hospital insurance that covers inpatient hospital stays, skilled nursing facility care and hospice care.
• Part B: This is medical insurance that covers select doctor services, outpatient care, certain medical supplies and preventive services. Part A and Part B together are known as Original Medicare.
• Part C: Known as Medicare Advantage, Part C covers Part A and Part B benefits, but is offered through private insurance providers. Part C may include additional benefits, not covered by Original Medicare, such as coverage for prescriptions, vision, dental and hearing. Medicare Advantage is often referred to as an all-in-one plan because it includes Part D, prescription drug coverage.
• Part D: This is prescription drug coverage. If you choose a Medicare Advantage plan, Part D is included.
• Medigap: This is a Medicare supplement insurance policy. And it does just what its name says. It helps fill the gaps in Original Medicare Parts A and B. Original Medicare covers services at 80%. Then your Medigap coverage will pick up some of your other costs. Think deductibles, copays and coinsurance.

When can I enroll for Medicare?

There are a few times when you can enroll, and each with its own set of rules. Learn more about the four Medicare enrollment periods.

The Initial Election Period (around your 65th birthday)

The Initial Election Period is a seven-month window. Beginning three months before your 65^th birthday, the month of your 65^th birthday and three months after your 65^th birthday. During this time, you can sign up for Medicare Part A.

Even if you continue to work after you turn 65, you should still sign up for Part A now. In fact, it’s automatic if you have been paying into Medicare. It covers hospital services – and if you’ve worked and paid Medicare taxes, it comes at no cost to you.

During this time, you can also decide if you want to sign up for Medicare Part B. Medicare Part B covers your doctor visits and outpatient services. However, there is a monthly premium. If you’re retiring, you will probably want to sign up. If you plan to continue working, you can stay on your employer’s plan until you retire. Look at the costs of your current plan and compare them to enrolling in Part B as well as a Medicare Advantage plan.

Annual Election Period

This occurs every year from October 15 through December 7. This is when current Medicare users can switch, drop or add Part C (additional benefits) and Part D (prescription coverage).

Medicare Advantage Open Enrollment Period

This happens every year from January 1 through March 31. You can make one change from your current Medicare Advantage plan to a different Medicare Advantage plan, or from your Medicare Advantage plan to Original Medicare and add a Part D plan. Coverage begins on the first of the following month.

Special Election Period

Special enrollment periods accommodate situations like retiring after your 65^th birthday, moving into or out of a plan’s service area, or becoming eligible for Medicare’s Extra Help program. The Extra Help program helps people with limited income reduce their Part D expenses.

You can get special enrollment for Parts C and D during the 63 days after your employer insurance ends or when your employment ends (whichever is first). This is separate from COBRA.

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