Your initial enrollment period (IEP) is the earliest time that you’re entitled to sign up for Medicare. Typically occurring around the time you reach age 65.
Be aware the Social Security Administration automatically enrolls you in Medicare Parts A and B if you’re already receiving Social Security disability or retirement payments by the time your IEP rolls around. However, if you’re not yet getting these benefits, you will need to apply for Medicare.
To avoid late penalties, use your IEP to sign up for Medicare Part A and B in the following circumstances:
- You have no other health insurance
- You have individual health insurance you pay for yourself
- You have health insurance from your or your spouse’s current job and want to replace that coverage with Medicare
- You have retiree benefits or COBRA
- If you work, your current employer does not offer health insurance coverage
- If you work and your employer has fewer than 20 full-time employees, thus requiring you to enroll in both Medicare Parts A & B
- You have coverage under TRICARE for Life, which requires you have Medicare Part B
The middle month of your IEP, the fourth of seven months, is almost always the month in which you turn 65. If you sign up for Parts A and B during the first three months of your IEP, your coverage will begin the first day of the month in which you turn 65.
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