SS_Medicare_flipbook_2017 - page 19

General Enrollment Period
If you didn’t sign up for Part A and/or Part B when you were first eligible,
you can sign up between January 1 and March 31 each year. Your coverage
would begin on July 1. However, you may have to pay a higher premium
for late enrollment.
Late Enrollment Penalties
Part A
If you are not eligible for premium-free Part A and didn’t sign up
when you were first eligible, your monthly premium may go up 10%. You
will have to pay the higher premium for twice the number of years you could
have had Part A but didn’t sign up for it.
Part B
If you did not sign up for Part B when you were first eligible, you
may have to pay a late enrollment penalty for as long as you have Medicare.
Your monthly premium for Part B may go up 10% for each full 12-month
period that you could have had Part B but didn’t sign up for it.
Annual Open Enrollment
Medicare offers an opportunity to make changes during Open Enrollment
from October 15 to December 7 each year; changes are effective on
January 1. During this open enrollment period, Medicare beneficiaries can
do the following:
• Change from Original Medicare to a Medicare Advantage plan and
back again.
• Switch from one Medicare Advantage plan to another Medicare Advantage
plan, including switching from a plan that does not offer prescription drug
coverage to one that does, and vice versa.
• Join a Medicare prescription drug plan, switch from one Medicare
prescription drug plan to another, or drop Medicare prescription drug
coverage.
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