Confused about when you can sign up for Medicare or make changes? In this episode of Elevate Wealth Advisory, Deanne Rosso and Gary Stoller explain the different Medicare enrollment periods and what they mean for your retirement planning.You’ll learn:✅ Initial, Annual, and Open Enrollment Periods✅ Special Enrollment Periods for life changes✅ How to avoid penalties by enrolling on timeWe help clients navigate their Medicare options and timelines every day.So Gary, Medicare enrollment periods: very important. You want to make sure that you understand what they are and not miss yours. So tell us about the different Medicare enrollment periods. All right. When you turn 65, this is the initial enrollment period. Okay. All right. So your birth month, let's say your birthday is in July. Okay. So the previous three months and your birth month, and the next three months is seven months total. Okay. And that's the initial enrollment period. That is the initial enrollment period. Okay. And that is when you want to sign up to be on Medicare A and B, most likely. Okay. So, to keep it simple, 3 months before you turn 65, go sign up. If you miss that period, then the first quarter of the next year is called the general enrollment period, where you can now go sign up because you missed it. Okay. And by first quarter of the next year, you mean the first calendar quarter. That's right. Okay. January, February, March. Okay. Now, let's go to annual enrollment period. This one's popular. All right. All right. October 15th to December 7th. And this is when anyone with Medicare can make changes. Okay. So, I'm already on Medicare. I want to change my type of plan. That is and what did what was that called again? Yeah, this is the annual enrollment period. Annual enrollment period. Yep. And you said that's October 15th to December 7th. Got it. Yes. Okay. Jinx. All right. Open enrollment period is different. This is also first quarter of the year. Okay. Just like general enrollment period. And this is where anyone with Medicare Advantage can make changes. Gotcha. Okay. Okay. So where annual enrollment is anyone with Medicare at all can make changes, his is just anyone with Medicare Advantage first quarter of the year can make changes. Okay. So that's four enrollment periods. But guess what? There's one more. All right. And this one's special. It's called the Special Enrollment Period. And what makes it special? What makes it special is you have two or three months after a life-changing event. There's a variety of events that could happen that qualify you to be in a special enrollment period. Okay. All right. So, let's say you move out of your planned service area. Special. All right. Let's say you lose your coverage. That's special. You qualify for Medicaid, which is different than Medicare. Right. All right, that's a special event. Okay. If your employer makes changes or lose coverage from an employer plan, that's special. These are very popular examples what qualifies you for a special enrollment period. And so this is basically the time of the event, the special event that happens, for two or three months there. So it's not a calendar date. Gotcha. So, just in case something happens in your life, one of these life-changing events, then Medicare gives you the opportunity to enroll in coverage during a special enrollment period, which could happen throughout the year. You got it. Okay, great. All right. So, five different enrollment periods. Yep. Name them all for me again. Yep. We got the initial enrollment period. Okay. When you age in to 65. The general enrollment period, which is first quarter, if you miss the initial. Then the annual enrollment period, October 15th to December 7th. The open enrollment period, the first quarter, January, February, and March. And then you have your special enrollment period.

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