There are a lot of terms thrown around when it comes to Medicare, and if you don’t happen to speak “Medicare” as a second language, it can get confusing quickly. Here’s a look at some Medicare terms that are important to understand and note.

The Medicare Research Period - While not an “official Medicare term,” the Medicare Research Period is often used to describe an important part of your Medicare journey. It generally refers to the 5-month timeframe before your Initial Enrollment Period (We’ll get to that!) begins. During this time, it’s important to start researching all the Medicare options available to you. Read the literature you receive in the mail (instead of tossing it), take advantage of online resources and attend local community meetings hosted by plans near you. Many people don’t take advantage of this opportunity and end up paying too much for not enough coverage. If you want to feel confident about the coverage you choose, don’t let the Medicare Research Period pass you by. 

The Initial Enrollment Period - After taking advantage of your Medicare Research Period, you’ll be ready to make a decision. You can do that during your Initial Enrollment Period (IEP). This refers to the seven-month window when you can first enroll in Medicare. It starts three months before your 65 birthday and goes to three months after. If you fail to sign up during your IEP, you may face penalties in the form of higher premiums.    

The General Enrollment Period - If you happen to miss your 7-month IEP, you can sign up for coverage between January 1 and March 31 during your General Election Period (GEP). Your coverage then begins July 1. However, keep in mind that you may face higher premiums for late enrollment. It’s best to sign up during your IEP.

The Special Enrollment Period - There’s also a Special Enrollment Period (SEP) in specific circumstances. For example, if you or your spouse are currently 65 and one of you has health insurance through an employer or union, you will have an SEP when you leave your job. Another example of an SEP would be if you moved outside of your current plan’s coverage area and needed to find a new plan. 

The Annual Enrollment Period - The Annual Enrollment Period (AEP) refers to the time period where you can switch from your current Medicare plan to a different plan. The AEP runs from October 15 to December 7 each year. It’s important to use the AEP to shop around a little and make sure you’re getting all the benefits and savings you’re entitled to. Don’t be afraid to use this time period to compare plans and make a change if it will save you money and give you better coverage. If you switch plans, the new plan will be effective January 1.