Schaefer Insurance Agency

Medicare Resources

Helpful links, enrollment period dates, and common mistakes to avoid — all in one place.

Medicare Enrollment Periods

Initial Enrollment Period (IEP)7-month window around your 65th birthday

Begins 3 months before the month you turn 65, includes your birthday month, and ends 3 months after. Enrolling on time avoids late penalties.

Annual Enrollment Period (AEP)October 15 – December 7 each year

Switch Medicare Advantage or Part D plans. Changes take effect January 1. This is the most important window for reviewing your current coverage.

Medicare Advantage Open EnrollmentJanuary 1 – March 31 each year

If you're already in a Medicare Advantage plan, you can switch to a different Advantage plan or return to Original Medicare.

Special Enrollment Period (SEP)Triggered by qualifying life events

You may qualify for a Special Enrollment Period if you lose employer coverage, move, or experience other qualifying life changes.

General Enrollment Period (GEP)January 1 – March 31 each year

If you missed your Initial Enrollment Period, you can sign up during the GEP. Coverage begins July 1. Late enrollment penalties may apply.

Common Medicare Mistakes to Avoid

1

Missing your Initial Enrollment Period

Late enrollment in Part B can result in a permanent 10% premium penalty for each 12-month period you were eligible but didn't enroll.

2

Assuming Medicare covers everything

Original Medicare has deductibles, copays, and gaps — including no cap on out-of-pocket costs. A Supplement or Advantage plan can help fill those gaps.

3

Not reviewing your plan every year

Plans change annually — premiums, formularies, and networks can all shift. What worked last year may not be your best option this year.

4

Choosing a plan based on premium alone

A low premium plan may have higher out-of-pocket costs, limited networks, or not cover your medications. Total cost matters more than monthly premium.

5

Not checking if your doctors are in-network

Medicare Advantage plans have networks. Seeing an out-of-network provider can result in significantly higher costs or no coverage at all.

6

Forgetting to review your Part D drug plan

Formularies change every year. Your medications may move to a higher tier — or be dropped entirely — requiring a plan switch during AEP.

Have Questions? Marissa Can Help.

Navigating Medicare is easier with someone in your corner. Reach out for a no-cost, no-pressure conversation.

Medicare Disclaimer: We do not offer every plan available in your area. Currently, we represent 4 organizations which offer 94 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.