Medicare Election Periods
Please note this is general information only - For Detailed Plan Information Please Use Request Below
The Election Periods and Enrollment Periods can very confusing. It is best to discuss your specific situation with a person with training in this area.
Medicare Election Periods
Initial Coverage Election Period (ICEP) Also
called IEP and PDP
Annual Election Period (AEP) Starting 2011 is
October 15 to
Open Enrollment Period (OEP) - January 1 to March 31st
The Open Enrollment Period allows Medicare beneficiaries one opportunity to enroll in, disenroll from, or change a Medicare Advantage plan. Like the General Enrollment Period, the Open Enrollment Period extends from January 1 through March 31 each year. Unlike enrollment in Part B, the change in Medicare Advantage enrollment or disenrollment becomes effective the month after the change is made.
Only Medicare beneficiaries who are eligible to enroll in a Medicare Advantage plan may make a change during the Open Enrollment Period. In other words, a beneficiary who wants to change must have both Medicare Part A and Medicare Part B and must live in the area served by the Medicare Advantage plan.
Medicare beneficiaries may not add or drop Part D drug coverage during
the Open Enrollment Period. Those who already have drug coverage can
only change to another option with drug coverage. Those who do not
have drug coverage may not change to an option that provides drug coverage.
Permissible changes during the Open Enrollment Period include:
Beneficiaries who want to use the Open Enrollment Period to return to
Original Medicare from an MA-PD must do so by enrolling in a Part D
Prescription Drug Plan (PDP). Enrollment in a PDP during either the
Annual Election Period or the Open Enrollment Period terminates enrollment
in a Medicare Advantage plan. Because beneficiaries are generally limited to
changing their prescription drug coverage during the Annual Election Period,
Medicare Advantage Plan (MA-PD) enrollees who want to return to Original
Medicare during the Open Enrollment Period have a Part D Special Enrollment
Period that allows them to make one enrollment into a PDP.
General Enrollment Period (GEP) - January 1 to March 31st
Medicare beneficiaries who did not enroll in Part B when they first became eligible for Medicare may elect Part B coverage during the General Enrollment Period, which extends from January 1 through March 31 each year. Enrollment becomes effective on July 1 of the same year.
Beneficiaries who delay enrollment in Part B will be assessed a late enrollment penalty on their Part B premium. The penalty is 10% for each full year of delayed enrollment for as long as the beneficiary remains covered under Part B.
Someone who enrolls in Part B during the General Enrollment Period also
has a Special Enrollment Period (SEP) for Part D. From April through
June of each year a new Part B enrollee may make one election to join a Part
D plan. Because beneficiaries who only have Part A and not Part B are not
eligible to enroll in a Medicare Advantage plan, the SEP enables
beneficiaries who elect Part B during the General Enrollment Period to
enroll in a Medicare Advantage plan with drug coverage (MA-PD).
SEP - Special Election Period. Can be
at anytime depending on circumstances. It is best to discuss your particular
Lockin - April 1 to December 31st. This is the period when you keep what you chose.
For more information please contact:
Evan Lustig, LUTCF
Health, Medicare, Life, Auto with over 22 years experience
3149 SW Captiva Ct.
Palm City, FL 34990
Florida website: www.floridahealthinsurance.com
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