Medicare offers 3 Enrollment periods during the year. They are as follows:
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- Initial Medicare Enrollment Period
- Annual Medicare Enrollment Period
- Special Enrollment Period
The Initial Medicare Enrollment Period lasts for 7 months. It begins 3 months before your 65th Birthday, and ends 3 months after your birthday. During this time, you are required to sign up for coverage if you do not otherwise have what the IRS calls credible coverage from third party insurance company.
The Annual Enrollment Period (AEP) runs from October 15th-December 7th of each year and provides you with the opportunity to switch plans. The plans run on a calendar year Jan-Dec so this is the time to review your current plan to make sure it is still meeting your healthcare needs.
Special Enrollment Periods are for situations have caused you to have a change in circumstance. These circumstances may include a change of address, the loss of your current coverage or other factors usually beyond your control.
There is also another enrollment period but that period is for individuals with a Medicare Advantage Plan. It lasts from Jan-March and allows you to move from one Medicare Advantage Plan to another Advantage plan or to cancel your Advantage Plan and return to Original Medicare.