Life Events and Changes
What if you have a life-changing event?
Life happens. To meet these changes, Medicare created special enrollment periods that are designed to accommodate those who experience certain qualifying events that impact their Medicare benefits.
What is a Special Enrollment Period?
A Special Enrollment Period (SEP) is a designated time frame during which eligible individuals can enroll in or make changes to their Medicare coverage due to a special circumstance.
Some examples of special enrollment periods include:
If you are leaving an employer plan and enrolling in Medicare for the first time, you have eight months from the loss of your employer coverage.
If you are currently enrolled in Medicare and you experience a life changing event, you have two full months to change your Medicare benefits.
What qualifies for a Medicare SEP?
Working Past 65/ Losing Group Coverage
If you delayed your enrollment into Medicare because you continued on your employer plan past 65, you have an 8-month special enrollment period.
During this special enrollment period, you can apply for Medicare Parts A (if you didn’t already), B, C and D, as well as a Medicare Supplement plan.
Note: It is recommended that you apply for Medicare Parts A and B prior to your loss of employer coverage to avoid any gaps or delayed coverage.
Additionally, you only have 63 days from the loss of your employer coverage to enroll in a plan with creditable Part D prescription drug coverage. Should you miss this window, you’ll be faced with lifetime late enrollment penalties, as well as a delay in getting prescription drug coverage.
Currently Enrolled in Medicare and Experience a Life Changing Event
To avoid a late enrollment penalty, you must enroll in Part D prescription drug benefits within 63 days of losing employer coverage.
Do you need help with your Medicare when life happens?
Our licensed Medicare insurance agents can provide you with the timeline and required actions necessary to take to successfully address your Medicare benefits.
