Hope you all have been well, as we find ourselves on our way into warmer (and stormier) weather. Now is a good time to round up Medicare (and healthcare) enrollment periods, as there is quite a list of acronyms.
IEP Initial Enrollment Period
This period is for when you are first eligible for Medicare. It runs three months before, the month of, and three months after you turn 65. No matter when your birthday is during the month, your eligibility date is the first of the month. If your birthday IS the first, you are actually eligible the month before.
ICEP Initial Coverage Enrollment Period
If enrolled in Part A and delayed Part B enrollment, then ICEP lasts three months and ends on the last day of the month before you are enrolled in both Parts A and B. In other words, ICEP ends just before your Part B begins. This can be very confusing.
GEP General Enrollment Period
The Medicare General Enrollment Period runs annually from January 1 to March 31 for those who missed their Initial Enrollment Period, with coverage starting the month after enrollment.
For each of the above, once your enrollment in Medicare Parts A & B (aka Original Medicare) is complete, you can add a drug plan, a Medicare Advantage plan, or a Medicare Supplement (or Medigap).
AEP Annual Enrollment Period
This happens each fall, from October 15 to December 7, for those currently enrolled in Medicare who may want to make a change. The Annual Enrollment Period is commonly referred to as AEP. You can enroll in a new drug plan, move from Medicare Advantage to a Medicare Supplement (subject to underwriting), or move from Medicare Supplement to a Medicare Advantage plan offered in the county in which you live.
OEP Open Enrollment Period
Open Enrollment Period comes each year, from January 1 to March 31 for those already enrolled in a Medicare Advantage plan who would like to change plans. Only Medicare Advantage to Medicare Advantage or
SEP Special Enrollment Period
A special enrollment Period is triggered by qualifying life events. This is not a complete list, but here are the most common occurrences. You lose employer coverage because you or your spouse retired or left an employer and moved to a position that doesn’t offer healthcare, or COBRA runs out; you move to a new area or a new state, or your Medicaid status changes (eligible or ineligible).
HEALTHCARE (Under age 65)
Annual Open Enrollment – Healthcare open enrollment generally runs from November 1 to December 31 (and is sometimes extended). For Illinois residents, the path to enroll with access to subsidies (Obamacare or Affordable Care Act), the website to use is: getcoveredillinois.gov. Alternatively, there are a few companies that offer the opportunity to enroll directly with them.
SEP – Special Enrollment Periods
Similar to Medicare, healthcare special enrollment periods are triggered by qualifying life events. Some of these include getting married, getting divorced, losing or gaining Medicaid eligibility, moving, turning 26 (and no longer eligible to be covered by a parent’s health insurance), to name a few.
I am available to help navigate any of these or if you just have a question.
If there are topics of interest to you, let me know by sending a note through my website.
