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Medicare General Enrollment Period
Medicare General Enrollment Period: Is it possible that you missed the Medicare Initial Enrollment Period (IEP)? That’s when you first qualify for Medicare (usually for a seven-month period, depending on your eligibility), and it’s a good time to join. If you’re automatically enrolled in Original Medicare, Parts A, and B, you won’t have to sign up. Is It Necessary for Me to Apply for Medicare? if you’re unsure if you’re eligible for automatic enrollment.
If you weren’t automatically enrolled in Medicare and didn’t receive your IEP, you can still enroll in Medicare Part A and/or Part B during the General Enrollment Period, which runs from January 1 to March 31 each year. Your coverage begins on July 1 if you enroll in Medicare during the General Enrollment Period.
You may suffer late-enrollment fines if you enroll during the General Enrollment Period rather than the IEP. The premiums for Medicare in 2022 are used in these scenarios.
The majority of Medicare recipients are eligible for premium-free Medicare Part A. (you qualify if you or your spouse worked at least 10 years while paying Medicare taxes). If you don’t enroll right now, your monthly Part A premium might increase by 10%. You may be required to pay this penalty for twice as many years as you might have been enrolled in Medicare Part A but were not.
For example, if you pay $499 per month for Medicare Part A and wait two years after becoming eligible, your monthly premium might rise to $548.90 ($499 plus 10%, or $49.90) over four years.
For each 12-month period during which you were eligible for but did not enroll in Medicare Part B, your monthly Part B premium may increase by 10%. If your Part B premium is $170.10 per month and you wait two years after becoming eligible to enroll, your premium might rise to $204.12 per month. Unless you fulfill certain requirements that qualify you for a Special Enrollment Period, you’ll have to pay this penalty for as long as you’re enrolled in Medicare Part B.
Read More: 4 Best Medicare Supplement Plans to know for 2022
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