5 Medicare Deadlines You Can't Afford to Miss

The 5 Dates That Matter Most

Once you know these, the rest of Medicare gets much simpler. Here they are in plain English.

1. 1

   Your Initial Enrollment Period (7 months around your 65th birthday)

   Your first chance to sign up for Medicare Parts A and B is a 7-month window: the 3 months before the month you turn 65, your birthday month, and the 3 months after.

   Sign up in the first 3 months and coverage starts the first day of your birthday month. Wait until your birthday month or later, and coverage starts the month after you sign up. Signing up early avoids a gap.

2. 2

   The Part B Late Penalty

   If you don't sign up for Part B when you're first eligible, and you don't have qualifying coverage from a current employer, you may pay a penalty. It adds 10% to your Part B premium for each full 12 months you could have had Part B but didn't, and it generally lasts for life.

3. 3

   The Part D (Drug Coverage) Late Penalty

   If you go 63 days or more in a row without Part D or other creditable drug coverage after your Initial Enrollment Period ends, a late penalty is added to your drug plan premium. It usually lasts as long as you have drug coverage.

4. 4

   Still Working at 65? The 8-Month Window

   If you or your spouse are still working and covered by an employer plan, you may be able to delay Part B without a penalty. When that job or coverage ends, you have 8 months to sign up. Check with your employer's benefits office first, since the rules depend on the size of the employer.

5. 5

   Your One-Time Medigap Open Enrollment Period

   If you're considering a Medicare Supplement (Medigap) plan, timing matters most here. For 6 months, starting the month you're 65 or older and enrolled in Part B, insurance companies must sell you any Medigap policy they offer, regardless of your health. After that, they can ask health questions and may charge more or decline coverage.