UPDATED Mar. 6, 2019. The new video Initial Enrollment Period (IEP) and Delayed Medicare Part B Enrollment – 2019 has been released on our YouTube channel.
Here is the script of this video. Find more on IEP and Delayed Part B Enrollment in Medicare Enrollment Periods for Part A and Part B.
The Script for the video “Initial Enrollment Period (IEP) and Delayed Medicare Part B Enrollment – 2019“
This video is for people deciding whether to delay Medicare Part B enrollment. We will address the following issues: WHAT are Medicare Enrollment Periods for Parts A and B, DOES it make sense to delay Part B Enrollment, WHAT are penalties for postponing Part B, and HOW you may enroll in Medicare Part A and Part B LATER without penalties.
There are certain periods when you can join Medicare Part A and Medicare Part B. In other words, you are not allowed to enroll whenever you want. You may use one of the following enrollment periods: Initial Enrollment Period (IEP), General Enrollment Period (GEP), and Special Enrollment Period for people covered under current employment (SEP).
My name is Gregory Lazarev, and I am the President of Liberty Medicare. Liberty Medicare is a licensed independent insurance agency specializing in various Medicare plans for people above age 65 or on disability. We are helping people in many US states compare, select and enroll in the BEST Medicare plans.
Closed Captions are available, please use it at your convenience.
Let’s get started!
Initial Enrollment Period (IEP)
- An Initial Enrollment Period (IEP) for Medicare Part A and B is a 7-month period that begins three months before you turn age 65, or, in the case of disability, three months before your 25th month of disability. It includes the 3 months before, the month of, and the 3 months after the triggering event to be eligible for Medicare.
- You can sign up anytime during the Initial Enrollment Period. You also may delay Part A and/or Part B coverage.
- If you sign up for Part A and/or Part B during the first three months of your Initial Enrollment Period, your coverage will start in most cases on the first day of your birthday month. However, by waiting until you are 65 or older, your Medicare coverage will be delayed.
Delayed Part A Enrollment
If you are eligible for premium-free Part A, you can enroll in Part A at ANY TIME after you’re first eligible for Medicare. Your Part A coverage will go back (retroactively) 6 months from when you sign up.
If you didn’t sign up for Medicare Part A (because you have to buy it) or Part B during the Initial Enrollment Period, you might sign up during the next General Enrollment Period. In most cases, you’ll have to pay a late enrollment penalty. We’ll talk about the General Enrollment Period later.
I am currently working. May I Delay Medicare enrollment?
The size of the employer determines whether you may be able to delay Part A and Part B without having to pay the penalty if you enrolled later.
- If the employer has fewer than 20 employees
- In this case, Medicare pays BEFORE your group health coverage.
- You should sign up for Part A and Part B when you are first eligible – at the Initial Enrollment Period (IEP).
- If the employer has 20 or more employees
- In this case, Medicare pays AFTER your group health coverage.
- Your decision whether to delay enrollment depends on how good is your group health coverage relatively to Medicare.
- If you have group health coverage based on the current employment, then you MAY delay Part A and Part B and will not have to pay a lifetime late enrollment penalty if you enroll later. We’ll talk about it later.
- Typically, only Part B is delayed. Part A is free, but there is a premium for Part B. Part B is optional.
Late Enrollment Penalties
If you are paying for Part A and delay enrollment into Part A after your IEP, you may have to pay a late enrollment penalty of 10% of the current Part A premium for each 12-month period you delayed enrollment. The penalty lasts twice the number of years that enrollment was postponed.
If you delay your enrollment into Part B after your IEP, you may have to pay a late enrollment penalty of 10% of the current Part B premium for each 12-month period you delayed enrollment. However, if you have coverage from an employer group health plan based on current employment, you may not have to pay the penalty.
If you are 65 years old or older, the penalty lasts as long as you are enrolled in Part B. If you are younger than 65, and have Medicare because of a disability, the Part B penalty will end when you turn 65.
SPECIAL ENROLLMENT PERIOD for Part B
- You are entitled to a Special Enrollment Period (SEP) for people covered under current employment
- If you didn’t take Medicare Part B when you were first eligible because you or your spouse were working, and
- If you have Group Health Coverage through your or your spouse’s current employer or union
- Whenever you are ready to leave your employer coverage (even if you are continuing to work) or if your employer group health coverage ends, you have a SEP to enroll in Part B.
- You could sign up for Part B during a Special Enrollment Period
- Anytime you are still covered by the employer or union group health plan through your or your spouse’s current or active employment, or
- During the 8 months following the month the employer or union group health plan coverage ends, or when the employment ends, whichever comes first
SPECIAL ENROLLMENT PERIOD (CONT.)
Special Enrollment Period allows you to delay the Part B enrollment without paying a late enrollment penalty.
- Only employee coverage can be used to defer Part B; neither COBRA nor retiree coverage can be used to delay Part B. You have 8 months to sign up for Part B; therefore, if you choose COBRA, don’t wait until your COBRA ends to enroll in Part B.
General Enrollment Period (GEP)
- who did not enroll in Part A or B during their IEP, or terminated their Part A or Part B benefits and wanted to re-enroll, and
- who are not entitled to a Special Enrollment Period (SEP) for people covered under current employment
may enroll in either or both Parts A and B during the General Enrollment Period (GEP).
- General Enrollment Period runs from January 1 to March 31 of each year.
- The coverage will start on July 1 of the year in which you have signed up
- If you enroll in Part B during the GEP, you may have to pay the Part B late enrollment penalty.
Here is the summary of “When can you Enroll in Part B”
Initial Enrollment Period – 7-month period surrounding your birthday month
General Enrollment Period – January 1 through March 31 each ear. Effective July 1. 10% penalty every 12-month period if eligible but did not enroll
Special Enrollment Period – the 8-month period beginning the month after you retire or lose employer-based coverage, whichever comes first
Now a couple words about Liberty Medicare, and how we may help you in your selection of Medicare Plans.
- Liberty Medicare is a full service, licensed independent insurance agency specializing in various Medicare plans (Medicare Supplement, Medicare Advantage, and Medicare Prescription Drug Plans) for people above age 65 or on disability.
- Our services are offered in the following states: Pennsylvania, New Jersey, New York, Maryland, Virginia, Delaware, Illinois, and Ohio.
- There is NO CHARGE for our service – it is absolutely free for you.
Independent insurance agencies like ours are provided a commission from the insurance companies whenever we enroll an individual in one of their plans. Whether you apply to an insurance company directly on your own or if you apply through us, your premium will be EXACTLY the same – a commission charge is always part of the premium.
- Medicare is a complex and confusing subject.
Rather than individually calling numerous health insurance companies – where you will often endlessly sit on hold only to tell your story multiple times to multiple people – you can instead dial one number: 877-657-7477. Our 8-years of business experience MAY save you time and money, and help you to avoid future surprises and disappointments.
We’ll help you to select and enroll into one or several Medicare Plans that are BEST FIT FOR YOU.
- Contact us by visiting our website (www.libertymedicare.com), or by sending us the e-mail at firstname.lastname@example.org. You also may call us at 657.7477.
- For more information on “Medicare Enrollment Periods for Part A and Part B” visit our post: “https://libertymedicare.com/blog/medicare-enrollment-periods-for-parts-a-and-b/”
- Our Liberty Medicare channel is one stop shop for all your Medicare needs – Original Medicare, Medicare Supplement (Medigap) plans, Medicare Advantage plans, and Prescription Drug plans.
- If you like this video and found its tips helpful, then give us ‘like’ and subscribe to our channel.
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