General Enrollment Period (GEP)
The GEP ends March 31st of each year. The GEP should only be used as a last resort. If you did not enroll in Medicare Part B during the Initial Enrollment Period or a Special Enrollment Period, then the GEP is your only option. If you miss the GEP March 31st cut-off date you must wait another year.
To enroll in Medicare Part B you must be enrolled in Medicare Part A. Once you have your Medicare ID number after enrolling in Part A, submit form CMS 40B to the local Social Security office. Part B coverage will begin July 1st.
Medicare Advantage Open Enrollment Period
This open enrollment period is for those interested in switching Advantage plans from one insurance company to another, or those that want to drop their Advantage plan and return to original Medicare. Most people that drop their Advantage plan during open enrollment do so because they want to purchase a Medicare supplement plan and a separate Part D prescription plan. A supplement plan likely offers many more medical providers in-network. Some supplement plans allow you to see any Medicare contracted provider in the country, of which most are.
Special Enrollment Period (SEP)
The Special Enrollment Period is for those who have/had group coverage through their work or a spouse’s work.
Initial Enrollment Period (IEP)
Start as early as possible if enrolling in Medicare at 65. The Initial Enrollment Period starts three months before your 65th birthday. Be sure to enroll in Medicare Part A and B if you plan on purchasing a Medicare supplement plan (as opposed to an Advantage plan.) Once enrolled in Parts A and B you can enroll in a supplement plan, and separately purchase a Part D prescription plan.