What happens if I miss my IEP for Medicare?

If you miss the IEP (Initial Enrollment Period), you can enroll during the GEP (General Enrollment Period) between January 1st and March 31st. The coverage will begin July 1st. Keep in mind that if you miss your IEP, there could be a late enrollment penalty once your benefits start.

How much is the Medicare late enrollment penalty?

For Part A, your monthly premium may go up 10%, and you have to pay a higher premium for twice the number of years you could have had Part A.   For Part B, you have to pay 10% increased premium as long as you have part B for each full 12 months you could…

Can I delay my Part B enrollment without a financial penalty?

If you have creditable health insurance coverage as good as Medicare; yes, you can delay your Part B. If you don’t enroll when you’re first eligible for Part B, you can delay Part B enrollment and sign up for Part B later without paying a late enrollment penalty.