Key Takeaways:

1. Missing the Medicare enrollment deadline could leave you without coverage or facing costly penalties—be sure to act on time.
2. Medicare’s annual enrollment period is now open—learn the steps you need to take to stay covered and avoid delays.

When Is the Medicare Enrollment Deadline in 2024?

Medicare’s Annual Enrollment Period (AEP) runs from October 15 to December 7, 2024. This is the most critical window for most people who are already enrolled in Medicare to make changes to their current plan or switch between different parts of Medicare. If you miss this deadline, you might face significant consequences, including penalties and gaps in coverage. These dates are fixed, so it’s crucial to mark your calendar and prepare your necessary documents in advance.

During the AEP, you can:

• Switch from Original Medicare (Part A and Part B) to a Medicare Advantage Plan (Part C).
• Change from one Medicare Advantage plan to another.
• Enroll in or drop a Medicare Part D prescription drug plan.
• Make changes to your existing Part D plan if necessary.

Failing to act during this enrollment window could mean you’re stuck with a plan that no longer meets your needs or paying more for medications and healthcare in 2024.

Why You Shouldn’t Wait Until the Last Minute

The Annual Enrollment Period might seem long, but it can sneak up on you if you’re not careful. Waiting until the last minute to review your options or make changes to your plan could cause stress and prevent you from finding the right coverage. You also run the risk of facing technical issues or delays in processing your application if you wait until the final days of enrollment. Furthermore, licensed insurance agents and Medicare resources often get flooded with inquiries as the deadline approaches, making it more difficult to get timely assistance.

What Happens If You Miss the Enrollment Deadline?

Missing the AEP can result in serious consequences:

• Late enrollment penalties: If you don’t enroll in Part D (prescription drug coverage) when first eligible, and you don’t have other credible drug coverage, you may face a penalty for late enrollment. This penalty is calculated based on how long you went without drug coverage, and it increases the longer you delay.
• Coverage gaps: If you’re unhappy with your current plan or your coverage needs have changed, missing the AEP means you’re locked into your current plan until the next enrollment period. This could result in higher out-of-pocket costs, especially if your healthcare needs have shifted.
• Limited options until next enrollment: While there are some exceptions that allow you to make changes outside of the AEP (like if you qualify for a Special Enrollment Period), most people will need to wait until the next AEP to make adjustments to their coverage.

Can You Make Changes After December 7?

In most cases, December 7 is the final date to make changes to your Medicare plan for the upcoming year. However, if you miss the AEP deadline, you may still have a few options:

• Medicare Advantage Open Enrollment Period: This period runs from January 1 to March 31 each year. During this time, if you’re already enrolled in a Medicare Advantage Plan, you can switch to another Medicare Advantage Plan or return to Original Medicare (with or without a Part D plan). You cannot switch from Original Medicare to a Medicare Advantage Plan during this time.
• Special Enrollment Periods (SEPs): Certain life events may qualify you for an SEP. For example, if you move out of your plan’s service area, lose other coverage, or experience a significant life event, you may be able to make changes to your Medicare plan outside of the usual enrollment periods. Be sure to check if your situation qualifies you for an SEP.

How to Prepare for Medicare Enrollment

Preparing for Medicare enrollment doesn’t have to be overwhelming. Follow these steps to make sure you’re ready and can take full advantage of your enrollment options:

1. Review your current coverage: Start by looking at your current Medicare plan. Does it still meet your healthcare needs? Have your medications or doctors changed in the past year? Take note of any changes in your health or finances that might affect what kind of plan you need in 2024.
2. Compare plan options: Use the Medicare Plan Finder tool on Medicare.gov to compare available plans in your area. You can look at costs, coverage options, and any changes to plans from the previous year. If you’re considering switching to a Medicare Advantage Plan or altering your Part D coverage, now is the time to see what plans will work best for your healthcare needs.
3. Check your prescription coverage: Prescription drug plans can change from year to year. Ensure that your current medications are covered under your existing Part D plan or Medicare Advantage Plan with drug coverage. Even if your medications are still covered, it’s a good idea to review any changes in copayments or tier structures for 2024.
4. Talk to a licensed insurance agent: If you’re unsure about which plan is right for you, a licensed insurance agent can help clarify your options. These agents are knowledgeable about the different Medicare plans and can guide you through the enrollment process.

Important Dates You Should Know

• October 15 to December 7, 2024: Medicare Annual Enrollment Period (AEP) for making changes to Medicare Advantage and Medicare Part D plans.
• January 1 to March 31, 2024: Medicare Advantage Open Enrollment Period, allowing people in Medicare Advantage plans to make changes.
• January 1, 2025: New Medicare plans go into effect. Any changes you make during AEP will start on this date.

These are the key dates to keep in mind to ensure you have adequate coverage for the year ahead.

Medicare Costs in 2024: What to Expect

Though we can’t discuss specific plan prices, it’s essential to be aware of the general costs of Medicare. For Original Medicare, you may have to pay premiums, deductibles, and coinsurance. Many people who have worked for 40 quarters or more do not pay a premium for Part A, which covers hospital services. However, everyone pays a Part B premium, which covers doctor visits and outpatient care. For 2024, Part B premiums are set annually by the government, so be sure to check for any updates.

Medicare Advantage Plans may offer additional benefits, but their costs can vary. Likewise, Part D prescription drug plans come with premiums, and their costs also vary depending on the plan you select and the drugs you need.

How Can You Avoid Late Enrollment Penalties?

One of the easiest ways to avoid costly late enrollment penalties is to enroll in Medicare as soon as you’re eligible. For most people, that’s when they turn 65. However, if you’re still working and have employer-sponsored health insurance, you may be able to delay Medicare enrollment without a penalty. Just make sure your employer’s plan qualifies as credible coverage.

If you’re newly eligible for Medicare, you’ll have a 7-month window to enroll. This includes the 3 months before your 65th birthday, the month of your birthday, and the 3 months after. Missing this window could result in lifelong penalties for both Part B and Part D coverage.

Stay Ahead of the Deadline to Protect Your Coverage

Making sure you don’t miss Medicare’s enrollment deadlines is crucial to avoiding costly penalties and ensuring you have the right coverage in place for 2024. Be proactive, review your current coverage, explore your options, and make any necessary changes well before the December 7, 2024 deadline. By taking these steps, you can enjoy peace of mind knowing that your healthcare needs will be met throughout the year.