Initial Enrollment Period (IEP): The Initial Enrollment Period is a seven- month time frame that includes the 3 months before and after your birth month when you can sign up for Medicare.
Medicare Annual Enrollment Period (AEP): The Medicare Annual Enrollment Period is the annually designated period during which changes can be made to your Medicare coverage. AEP runs from October 15 to December 7.
Special Enrollment Period (SEP): Under special circumstances outside AEP, (such as moving home or retiring), the Special Enrollment Period, or SEP, is the time period in which you may be eligible to enroll in or change your Medicare options.
Medicare Advantage Open Enrollment Period (OEP): The Medicare Advantage Open Enrollment Period, or OEP, occurs January 1 thru March 31. During this time, there is a one-time opportunity to change your existing plan. Medigap, MSA plans and standalone Drug plans are not eligible for change during OEP.
Review your choices once a year
Your needs are bound to change, so it is recommended you review your Medicare options annually with an advisor. If you decide to make a change, you can do so during the Annual Election Period (AEP) from October 15 through December 7. New coverage begins on January 1st.
Medicare Terms
Medicare Assignment − Agreement from a doctor, hospital or supplier that they accept Medicare as full payment for covered services.
Co-insurance – You and your health insurance pay a percentage.
Co-pay – Fixed amount users pay towards the cost of care.
Cost sharing – The portion of the total cost that you are responsible for.
Deductible – The amount before health insurance pays.
Network – The facilities and physicians contracted by your health insurance. Networks are common with Medicare Advantage. Generally, care must be received within your network. In an emergency, Urgent Care or Dialysis may be covered outside your network.
Max Out-of-Pocket – The maximum amount that must be paid during a policy period. After reaching the maximum, your plan pays 100% of covered services.
Premium – The amount paid to Medicare or your insurance company for coverage. The Medicare Part B premium must always be paid by the insured.
Scope of Appointment Form − Before discussing your insurance needs with an Advisor, you will be asked to complete an SOA. This form identifies what types of coverage you wish to discuss.
Guaranteed Issue (GI) − A situation where a policy is offered to all applicants without regard to health status.
