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The “Initial Enrollment Period” (IEP) is around your 65th birthday (± 6 months) for Parts A & B. If you delay enrolling in Part B and you don’t have other creditable coverage, you may face a penalty.

The Annual Election Period (AEP) (also called Open Enrollment) runs October 15 to December 7 each year. During this time you can:

Switch from Original Medicare to a Medicare Advantage plan (Part C)
Change Medicare Advantage plans
Join or switch a prescription drug plan (Part D)

There are “Special Enrollment Periods” (SEPs) if you have life changes (e.g., move, lose employer coverage, etc.).

Generally U.S. citizens or legal residents who have lived in the U.S. for at least 5 continuous years, and are age 65 or older, are eligible.

Also eligible before age 65 if you have certain disabilities, or have End-Stage Renal Disease (ESRD), or ALS (Lou Gehrig’s disease).

Coverage is divided into parts:

Part A covers hospital insurance.

Part B covers medical (outpatient) insurance.

Part C (Medicare Advantage) is a private plan alternative covering the same as A & B (and often more).

Part D covers prescription drug benefits.

If you have employer coverage when you turn 65, you may choose to delay enrolling in Part B—but it’s very important your employer coverage is creditable (meaning it meets certain standards), or else you risk penalty when you do enroll.

If you fail to enroll in Part D (prescription drug coverage) or go without creditable drug coverage, you may pay a lifetime penalty added to your monthly premium when you do join.

Even though Medicare covers a lot, it doesn’t cover everything. Many people also purchase a “Medigap” (supplemental) policy if they are on Original Medicare (Part A/B) to help cover out-of-pocket costs (deductibles, copays).

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