If You Missed Signing Up for Medicare Part B, GEP Can Give You Another Chance

Many people who delay signing up for Medicare Part B end up facing higher costs and long coverage gaps. However, the General Enrollment Period (GEP) gives you a second chance.

Key Facts:

• The General Enrollment Period (GEP) runs January 1 through March 31 each year.
• GEP is for people who did not enroll in Medicare Part B when first eligible.
• Part B covers outpatient care, including doctors’ visits and certain medications.
• Late enrollment can lead to penalties, canceled supplement plans, and no primary coverage.
• Coverage under Part B starts the first of the month after signing up during the GEP.

The Rest of The Story:

The General Enrollment Period exists for those who missed Part B during their Initial Enrollment Period.

Common reasons include believing that retiree coverage or COBRA continuation was enough or forgetting that Part B must be active to keep a Medicare supplement or Medicare Advantage plan.

If premiums are not paid, Part B can be canceled, and the only way to get it back is through the GEP.

Part B is essential because it pays for outpatient services like doctor visits, lab tests, and certain medications.

Without it, retirees can find themselves responsible for all costs, which can become overwhelming.

The GEP offers a chance to rectify that oversight, but waiting until the GEP can still trigger late enrollment penalties.

Commentary:

It is wise to evaluate your current or future health coverage well before your Initial Enrollment Period ends.

Deciding whether to enroll in Part B requires careful consideration of your employer plan size and the terms of any current employment coverage.

For those uncertain about whether their coverage counts as “based on current employment,” seeking guidance from a benefits coordinator or Medicare professional can prevent serious coverage gaps.

It pays to stay informed and act promptly.

The Bottom Line:

Enrolling in Part B on time is crucial for avoiding penalties and keeping comprehensive Medicare coverage.

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The GEP offers a second chance, but acting early is the safest route to avoid extra costs and headaches.