Medicare Options

What You Need to Know About Medicare Plans

Wyatt Insurance & Notary Services aims to help you find the right Medicare plan for your needs and budget. To achieve that, we provide you with essential information about the various types of policies available.

Initial Enrollment Period (IEP)

IEP for Clients Turning 65

This plan, which starts three months before you turn 65, lasts for seven months. IEP is used to enroll in Medicare Part A (hospital insurance) and can be utilized to enroll in Part B (doctor or outpatient services and medical equipment) if you meet certain conditions. Keep in mind that Social Security benefits are automatically enrolled in Medicare Parts A and B.

IEP for Medicare Through Disability

If you are under 65 but become eligible for Medicare due to a disability, you will be informed by Social Security when their coverage will begin. It usually starts 24 months after the disability benefits were approved. You will then be automatically enrolled in Medicare Parts A and B, but you can opt out of Part B. When you turn 65, you are then entitled to a second seven-month IEP.

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Annual (Open) Enrollment Period (AEP)

AEP happens from October 15 to December 7. This allows you to review your existing coverage and switch plans if you wish to. The new coverage will then begin on January 1. Please take note that the AEP does not apply to Medicare Supplement insurance&nbsp(Medigap).

Open Enrollment Period (OEP)

OEP occurs from January 1 to March 31. This is for clients enrolled in a Medicare Advantage plan who may want to switch to Medicare or another Medicare Advantage plan. For both cases, the new coverage will begin on the first day of the month after the transfer.

Special Enrollment Period (SEP)

SEP for Part B

This is applicable if you are beyond 65 and have evidence that you had group health insurance from the employer for whom you or your spouse was working since you turned 65. SEP runs for eight months from when you or your spouse stopped working. However, to ensure continuous health coverage, you can enroll before that date. The Part B coverage will then begin on the first of the month after enrollment.

SEP for Part D

If you are over 65, you may enroll in Part D if you continue to have “creditable” drug coverage. This means that Medicare considers your policy of at least equal value to Part D. When the coverage ends, you can take advantage of this SEP and immediately sign up without penalty if you meet certain eligibility conditions.

Other SEPs Available

Depending on your specific circumstances, you may be eligible for various types of SEPs. If you live in a nursing home, give up your Medicare Supplement policy to join a Medicare Advantage plan, receive Extra Help to pay for your medication, or have other special situations, there is a plan for you.

General Enrollment Period (GEP)

This lasts from January 1 to March 31. GEP is for individuals who missed the sign-up period for Medicare Part B either during their IEP or SEP. The coverage will begin on July 1, and you may be required to pay a late penalty.