Posted by MedEd at MHI
A: Think of it as your chance to do what you should have done during your Initial Enrollment Period. You can sign up for Part A and Part B during the annual General Enrollment Period (GEP) if you did not take care of that when you first became eligible for Medicare.
The GEP occurs every year between January 1st – March 31st. Enrollment requests submitted during this time become effective on July 1. Since both Part A and Part B are required to purchase Medicare Supplements and Medicare Advantage plans, you will not be able to purchase either one until July 1st.
To make matters worse, you’ll be charged a 10 percent late enrollment penalty for each 12-month period you delayed signing up for Part B. The penalty continues as long as you remain on Medicare.
In this instance, time really is money, isn’t it?