IEP, AEP, OEP and SEP

With Medicare, it’s good to keep your eye on the calendar. There are very specific time periods when you can enroll in Medicare or a Medicare plan, change plans or disenroll: Your Initial Enrollment Period (IEP), Medicare’s Annual Enrollment Period (AEP), the Medicare Advantage Open Enrollment Period (OEP) and during a Special Enrollment Period (SEP).

Initial Enrollment Period

IEP is the seven-month window surrounding your 65th birthday when you can sign up for Medicare. This includes three months before your birthday, your birthday month and three months after your birthday. If you do not enroll during this period, you may enroll during the General Enrollment Period (GEP) from 1/1 - 3/31. But you may also have to pay late enrollment penalties, and you’ll be missing out on Medicare coverage and benefits that could help protect your health and finances.

Medicare Annual Enrollment Period

AEP is from October 15 to December 7. During this period, you can:

• Change from one Medicare Advantage plan to another.
• Change from Original Medicare to a Medicare Advantage plan.
• Return from a Medicare Advantage plan to Original Medicare.
• Change from one type of Part D prescription drug plan to another.
• Enroll in a Part D plan.
• Disenroll from a Part D plan.

Any coverage changes you make during AEP go into effect on January 1 of the following year. If you are in a Medicare Advantage or Prescription Drug plan, each September before AEP, you will receive an Annual Notice of Change (ANOC) that alerts you to upcoming changes to your coverage, including premium increases or reductions and benefits. It’s a great time to make sure your coverage still meets your needs and plan to make changes, if necessary.

Medicare Advantage Open Enrollment Period

OEP runs through the first quarter of each year, from January 1 to March 31. If you are already on a Medicare Advantage plan, during this period, you can make one change from a Medicare Advantage plan to another. You can also disenroll from a Medicare Advantage plan and return to Original Medicare with or without a Part D plan. You cannot, however, change from one Part D plan to another.

Special Enrollment Period

Finally, if you’re eligible for an SEP, you can enroll in Medicare or make changes to your coverage based on exceptional circumstances. The length and rules of each SEP can vary, and the reasons include changes in several life circumstances, including changing where you live, losing your current coverage or if your plan changes its contract with Medicare, among others. Extreme weather conditions or natural disasters may also create an SEP in certain locations.

Still unsure about when you can enroll in Medicare or change your coverage? Our team of licensed insurance agents is here to help. Let’s talk. Simplifying Medicare for you is what we do best.

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