Towne Benefits
A Smooth Transition to Medicare
Knowing the Medicare Enrollment Period that fits your situation is essential as you prepare to go on Medicare. Only those who are receiving their own or their spouse’s Social Security benefits are automatically enrolled in Medicare when they turn 65. Everyone else must take the initiative to enroll by visiting a Social Security office or going online to Medicare.gov.
There are three major enrollment periods:
The Initial Enrollment Period (IEP) – This is for those turning 65 who want to have original Medicare Part A and Part B as their healthcare plan. There is a seven-month enrollment window: three months before the month you turn 65, the month you turn 65, and the three months following. For example, if you turn 65 in September, you may enroll in Medicare starting June 1 for your September 1 Medicare effective date. Or you may enroll in September, October, November or December. Medicare coverage will start on the first day of the following month.
Special Enrollment Periods (SEP) – This option is for those who chose not to enroll in Medicare Part B when they turned 65 because they had qualified group health insurance through an employer. The SEP may be used for those who voluntarily or involuntarily lose their own or their spouse’s group health coverage. It is also for employees who no longer qualify for group coverage because they’re working fewer hours, have decided to retire, or those who chose to enroll in Medicare during their company’s open enrollment period. In 2023, however, SEP qualifications expanded. SEP eligibility now also includes:
1. Inability to enroll because of a natural disaster;
2. Loss of Medicaid coverage;
3. Inability to enroll because of incarceration; or
4. Reliance on misinformation from HR, the health insurance carrier, or a broker.
A SEP may be used for up to eight months after the qualifying event.
General Election Period – This enrollment period runs each year from January 1 to March 31 with coverage beginning on the first of the month after the enrollment is received. For those who do not enroll in Medicare during their IEP and who do not qualify for a SEP, the General Election Period is their only opportunity to enroll. The enrollee may be assessed a late enrollment penalty depending on the circumstances.
Steve Frazier, Senior Benefits ConsultantOur most important Medicare tip is to give yourself adequate time to enroll. It may take up to 60 days to get your new red, white, and blue Medicare ID card. Until you know your Medicare ID (11-digit alpha-numeric code) you must wait to enroll in a Medicare Part D drug plan, a Medicare Advantage Plan, or a Medicare Supplement.
Plan early and enroll in Medicare at Medicare.gov or call 800-772-1213. Towne Benefits, an affiliated company of TowneBank, is here to help our members and their loved ones make a smooth transition to Medicare. We have experienced and knowledgeable insurance agents available to assist you with Medicare insurance products, such as Medicare Supplement plans, Medicare Advantage Plans, and Medicare Part D plans. Please call Steve Frazier, Senior Benefits Consultant, at 757-249-5481.
Insights & Perspectives
Insurance and investment products offered through Towne Benefits, a subsidiary of TowneBank, are not a deposit, not FDIC-insured, not guaranteed by TowneBank, and may go down in value.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact medicare.gov or 1-800-MEDICARE to get information on all of your options.