With COVID-19 taking its toll all over the world, there has never been a better time to acquire a health insurance policy. If you’re reaching retirement age this year, you probably have questions about your Medicare eligibility. While the age and work requirements for Medicare are pretty straightforward, you may still have questions about enrollment deadlines in 2020. So, when is the 2020 Medicare Open Enrollment Period? Read on to find out!
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To keep things short and sweet, the 2020 Medicare Open Enrollment Period begins on October 15, 2020, and ends on December 7, 2020. This means that you have a little over 50 days to either enroll in Medicare for the first time or make changes to your existing Medicare plans. If you’re enrolling in Medicare for the first time and are unsure of what you need, feel free to contact one of Time for 65’s partnered licensed agents for assistance.
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If you miss the 2020 Medicare Open Enrollment Period, you may have to wait a full year to make any changes to your Medicare. Under certain circumstances, you might be able to qualify for a Special Enrollment Period. In any case, it’s best to make any changes during the Open Enrollment Period so that you don’t have any gaps in health coverage.
Additionally, if you’re enrolling in Original Medicare for the first time, you’ll want to be sure to enroll during your Initial Enrollment Period. This period is completely separate from the official Medicare Open Enrollment Period, as it is determined by your birthday. Your Initial Enrollment Period begins approximately 3 months prior to the month when you turn 65 and ends 3 months after (for a total of 7 months).
It’s important to enroll as soon as possible. If you wait too long to sign up for Medicare Part B, you may have to pay penalty fees. So, try to sign up during the Initial Enrollment Period or Open Enrollment Period.
Many older adults don’t have to sign up for Medicare at all. If you’re at least 65 years old and are currently receiving your Social Security benefits, you will be automatically enrolled in Original Medicare. This saves you the trouble of having to get Medicare on your own. However, if you want to make any changes to your plan — like add Part D prescription drug coverage or switch to a Medicare Advantage plan — you will need to do so during the Medicare Open Enrollment period.
In short, the 2020 Medicare Open Enrollment Period will last from October 15 to December 7. If you want to make changes to your Medicare plan, be sure to sign up during this period. If you don’t, you may need to wait until next year!
If you’d like to learn more about the 2020 Medicare Open Enrollment Period or your Medicare coverage options, feel free to fill out this form or give us a call anytime. Time for 65’s partnered licensed agents are focused on giving you the information you need, with zero pressure to enroll in a plan.
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