11 Essential Facts You Need to Know About Medicare

Medicare enrollment periods

Apart from the initial enrollment period of seven months, there are other periods when you can enroll for Medicare. If you didn’t sign up for Part B during the initial enrollment period and you’ve also left the workforce, you can enroll in Part B during the general period between January 1 and March 31. You will be able to receive benefits starting July 1^st.

You should know that you will be required to pay a 10% penalty for the rest of your life for each month you did not sign up for Part B. Luckily, if you have an employer’s coverage, you can avoid penalties by signing up during a specific enrollment period of eight months that starts the moment you no longer have employer coverage. If you don’t sign up during this period, you’ll have no other choice but to wait for the general enrollment period.

You can enroll in Medicare plans from Oct. 15 to Dec. 7, when you can also drop, modify or join Part D plans or Medicare Advantage plans or switch from original Medicare to Medicare Advantage. This is also possible for advantage enrollees during Jan. 1 and March 31.