New to Medicare

The nice thing is...you know when you're turning 65!  Get started early!

Around your 65th birthday, you’ll have a 7-month window of time when you can sign up for Medicare. It’s called your Initial Enrollment Period – or IEP for short. Your IEP includes your 65th birthday month, the 3 months before and the 3 months after.

Example: You turn 65 on June 7. Your IEP is March 1 – September 30.

If your birthday is on the 1st of the month, however, then your IEP is determined as though you were born the month before.

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Unless you are currently receiving Social Security or Railroad Retirement Board benefits when you turn 65, you’ll have to sign up for Medicare yourself. Medicare may not notify you about your eligibility, so be sure to get your IEP dates and put them in your calendar.

It’s best to sign up for Medicare toward the start of your IEP. That way your coverage will begin as soon as you’re eligible. If you sign up during your 65th birthday month or later, your coverage start date could be delayed.

If you currently receive Social Security or Railroad Retirement Board benefits, however, you may be automatically enrolled. You’ll receive your Medicare card in the mail a few months before your 65th birthday and you’ll still have an IEP during which you may make Medicare coverage decisions.

You’ll decide which parts of Medicare to enroll in based on your personal situation.

• Most people get Medicare Part A (hospital insurance). It’s premium-free if you or your spouse worked and paid Medicare taxes for at least 10 years.
• Medicare Part B (medical insurance) has a monthly premium* ($174.70 per month in 2024). Some people may delay Part B if they have other coverage past age 65 through an employer or spouse’s employer.
• Medicare Part D (prescription drug coverage) has a monthly premium and may be a standalone plan or part of a Medicare Advantage (Part C) plan.

You can opt out of Part B if you’re enrolled automatically during your IEP, but you could be charged a penalty if you decide you want it later. The penalty is 10% of the premium for every 12 months past your eligibility date – and you pay it every month for as long as you have Part B. In order to enroll later without penalty, you will need to qualify for a Special Enrollment Period.