Going onto Medicare for the first time can be exciting and confusing at the same time. With all the different enrollment periods and Medicare letters (A,B, C, D) it is very important to do your research and make sure you are enrolling at the right time to avoid any costly late fees. First, if you haven’t read my post explaining the different parts of Medicare take a minute and check it out here.
Now that you understand the different parts of Medicare it is time to learn the best times to enroll to avoid any costly late fees.
Medicare Part A: You will be enrolled automatically onto Part A if you are already receiving social security retirement benefits or railroad retirement benefits when turning 65. If you are still working or not receiving benefits you will have to sign up for part A manually.
The enrollment window for signing up for Part A starts three months before your 65th birthday, the month of, and 3 months after. The best time to sign up for Part A is three months before your 65th birthday when you become first eligible. I always recommend signing up right when you are first eligible to ensure you will have coverage starting the 1st of the month you turn 65. Remember, this is the government we are talking about, things don’t get done with a snap of a finger!
Medicare Part B: You will also be automatically enrolled onto Part B if you are already receiving social security retirement benefits or railroad retirement benefits when turning 65. If you are still working or not receiving benefits you will also have to sign up for part B manually.
The Part B enrollment window is the same as Part A unless you decide to delay enrolling onto Medicare part B to delay paying the premium. In this case, you can simply enroll into Medicare Part A and delay enrolling onto Part B until you or you’re spouse is ready to retire. *Remember; in order to properly delay enrolling onto Part B without having to pay a late fee, you or your spouse has to be ACTIVELY working.
To learn more about Medicare and finding the right Medicare supplement plan see my other blog posts or contact me with any questions.