What you need to know about Medicare 2014 enrollment periods and Medicare Advantage cancellation 3
Medicare General Enrollment Period
General enrollment runs from January 1 through March 31 each year and is a second chance for people like John to enroll in Medicare.
John was ecstatic when he learned of the general registration period, that is, until he knew it was not all he expected.
First of all …
Missing his initial application opportunity, John had to wait until July 1 for his insurance to begin. Although the general enrollment period occurs during the first three months of each year, insurance usually does not begin until mid-year … in John’s case, more than half a year after the tractor is overturned.
At least John did a good thing.
He avoided having to pay the late Medicare Part B enrollment penalty, making sure not to miss his overall enrollment opportunity. The late Medicare Part B enrollment penalty can be expensive, with 10% added to your Part B premium every month for every 12 month period eligible for Part B, but you did not sign up. , but John avoided the fine by not allowing 12 months before signing up for Part B. At least he didn’t need to be convinced of it but he did know to visit https://www.2020medicareadvantage.com.
Another John neighbor, Vinny, did not enroll in Medicare Part B until three full years after being eligible. But Vinny didn’t have to pay the Part B fine either, because when he became eligible for Medicare, Vinny was still enrolled in his employer’s health insurance plan. Having other health insurance during standard enrollment periods usually qualifies someone for a special enrollment period later.
Record video in parts C and D
Medicare Special Enrollment Period
People, like Vinny, usually qualify for a Special Enrollment Period if they are employed and insured by an employer or union health plan when they are eligible for Medicare. Special enrollment usually allows them to sign up for Medicare later, without penalty, provided the reason for the delay is that they are working and insured by the employment plan. The same considerations usually apply to employees’ spouses. If your employment or employment-based insurance ends, there is usually a special eight-month enrollment period that begins the month after the termination of your employment or insurance.
Special enrollment also applies to Medicare Part C (Medicare Advantage) and Medicare Part D (prescription drug plans).
Conditions that qualify you for a Special Medicare Advantage and Medicare Part D Enrollment Period include:
- Return to the United States after living abroad.
- Be released from prison
- Live or leave an institution, such as a qualified nursing center or long-term hospital.