In the past, Medicare’s open enrollment period for those who did not enroll when eligible or those who were still employed was January through March. Beginning for the coverage year of 2012 open enrollment is October 15, 2011 through December 7, 2011.
This means that will need to enroll during this time to avoid penalties and rises in premiums. If you are eligible for Medicare and do not enroll the cost of your Part B (medical insurance) will rise 10% for each full 12 month period you were eligible but did not sign up. Only special cases are excused from this rule.
If you choose to switch to a Medicare Advantage Plan, or Part C (HMO or PPO) or incorporate a Medicare Prescription Drug Plan (Part D) you may do that at any time during the year. You do not have to wait for open enrollment. However, if you decide to switch from a Medicare Advantage Plan back to standard Medicare Plans you will have to wait until open enrollment is in effect.
Carefully read any and all information provided to you regarding Medicare plans. You will have the option to compare plans and see what will best work for you between October 1-October 15 to help you make the best decision. Your coverage takes effect January 1st and will remain in effect until December 31st unless you cancel or change your plan.
