Are You Turning 65?
Medicare Initial Enrollment Period (IEP)
Your 7-month Initial Enrollment Period starts 3 months before the month you turn 65, includes your birthday month, and ends 3 months after. You are strongly encouraged to enroll BEFORE your birthday month so there is no chance for a lapse of coverage in your insurance.
Automatic Enrollment vs. Signing Up
If you're already receiving Social Security benefits before 65
You'll usually be automatically enrolled in Medicare Parts A and B.
You'll receive your Medicare card 3 months prior to your birthday month.
If you are not receiving Social Security yet
You must enroll for Medicare online, by phone or in person, unless you have Creditable Coverage from your employer (or your spouses employer). See Below...
Can I delay Part B?
You can delay Part B (and sometimes Part A) without penalty if you have CREDITABLE COVERAGE from your current employer (or your spouses). See Below...
Late Enrollment Penalties - These Are Permanent
If you do not enroll during your Initial Enrollment Period (IEP)
If you do not enroll during your Initial Enrollment Period (IEP) or when your employment Creditable Coverage ends, you are susceptible to two different penalties:
Part B Penalty
10% added to your premium for each full 12-month period you could have enrolled but didn't. (Penalty is every month for life)
Part D Penalty
About 1% per month delayed, based on national average premium. (Avoid the Part D penalty by having a Prescription Drug Plan at least as good as standard Medicare Part D coverage.)
If You're Still Working (Or Your Spouse Is)
If your employer has 20+ employees
Their group health plan is considered creditable coverage and you can delay Part B without penalty and enroll penalty-free later. (Within 8 months after employment/coverage ends).
Part A is often still worth enrolling in (Premium-free for most)
If your employer has fewer than 20 employees
You must enroll in Part B to avoid penalties.