Most retirees know that Medicare coverage kicks in when they turn 65. However, that is not the whole story. If they went to enroll in Medicare without costly penalties and hassles, he or she needs to know exactly when to enroll in the program they want.
Studies have found that many older Americans fail to enroll at the right time, which can lead to higher premiums and leave them with coverage gaps.
There are different enrollment periods, so it is trickier than people think. Below are a few different enrollment periods for Medicare:
Initial Enrollment: Medicare established a seven-month period, which includes a three month period before you turn 6, your birth month, and three months afterward.
Medigap Enrollment: Is a separate six month period for Medicare Supplement policy, which will start when you turn 65 and are enrolled in Part D.
General Enrollment: If a person missed enrolling in Parts A & B during initial enrollment there is an general enrollment. The period is from January 1 through March 31 each year.
However, this could trigger lifetime premium surcharges for late Part B enrollment, which can led to lifelong premium surcharges for late Part B enrollment. This could also cost you thousands of dollars and your coverage will not start until July.