When is the Best Time to Enroll in Medicare Parts A and B?

When is the best time to enroll in Medicare Part A and Part B? As you might be thinking, there is not always a simple answer to that question. When I sit down with someone who is approaching 65 I first ask about their current health insurance situation. I typically get one of two answers: “I am on an individual plan” or “I am on a plan through my (or my spouse’s) work.” That leads back to the original question - when is the best time to enroll in Medicare Part A and Part B?

“I am on an individual plan”
For those that are on an individual plan, typically the answer is pretty simple. We compare the monthly cost difference of Original Medicare and what they are currently paying and more often than not there is a significant savings by enrolling in Medicare Parts A and B. Many will then enroll in Medicare in the 7-month initial enrollment period.  The initial enrollment period spans the full 3 months prior to your birth month, the month you turn 65, and the full 3 months following your birth month. After that, the decision about whether to add a Medicare Advantage (also called Part C) or Medicare Supplemental and a Part D Prescription plan is next.

“I am on a plan through my (or my spouse’s) work”
When someone is on an employer plan, there are a few additional details to consider. Monthly cost difference is usually the first factor. If the monthly cost is not an issue, a number of other factors are considered. Some people like their doctor. Others are happy with the deductibles, copays, and co-insurance (the other half of cost). For a number of reasons, a person may decide they would like to continue on the employer plan. As long as the plan has 20 or more members enrolled, Medicare deems that plan “creditable” and you should avoid a potential penalty for delaying your enrollment in Part B.

So when is the best time to enroll in Parts A and B? I hope that this post has been beneficial to you, but the most effective way to know your answer is to sit down and start a conversation. I’d love to get to know you and get you the answers for your Medicare questions!