Enrolling in Medicare at the right time is crucial to avoid coverage gaps and permanent late enrollment penalties. This guide covers all the enrollment periods and rules New Mexico residents need to know.
Initial Enrollment Period (IEP)
Your IEP is a 7-month window that includes the 3 months before your 65th birthday month, your birthday month, and the 3 months after. During this time, you can enroll in Part A, Part B, Part D, Medicare Advantage, and Medigap.
Tip: Signing up during the first 3 months of your IEP ensures your coverage starts on the first day of your birthday month. Waiting until later in the IEP delays when your coverage begins.
Annual Enrollment Period (AEP)
October 15 through December 7 each year. During this period, you can switch Medicare Advantage plans, add or drop Part D coverage, or return to Original Medicare. Changes take effect January 1.
Medicare Advantage Open Enrollment Period (MA OEP)
January 1 through March 31 each year. If you are already enrolled in a Medicare Advantage plan, you can switch to a different Advantage plan or disenroll and return to Original Medicare with a standalone Part D plan. You can only make one change during this period.
Special Enrollment Periods (SEPs)
You may qualify for a SEP if you experience certain qualifying events, such as:
- Moving to a new county or state
- Losing employer or union health coverage
- Qualifying for Extra Help (Low-Income Subsidy)
- Being diagnosed with certain chronic conditions (for C-SNP plans)
- Your plan leaves your area or loses its Medicare contract
Late Enrollment Penalties
| Coverage | Penalty |
|---|---|
| Part B | 10% premium increase per 12-month period of delayed enrollment |
| Part D | 1% of national base premium per month without creditable coverage |
These penalties are permanent and added to your monthly premium for as long as you have Medicare. Talk to a local agent to make sure you enroll on time.
Ready to Enroll?
You can enroll in Medicare online at SSA.gov, by calling Social Security at 1-800-772-1213, or by visiting your local Social Security office. For help choosing the right plan, connect with a licensed agent in New Mexico.