Your Medicare open enrollment period is a seven month window. It includes the three months prior to, the month of and the three months after your 65th birthday.
It is advantageous to consider purchasing a supplemental plan during this window of time. That might be a Medicare Supplement, Part D drug plan, or Medicare Advantage insurance.
Most importantly, an applicant cannot be denied supplemental coverage during the open enrollment window due to poor health. There is no health underwriting necessary. You will have all supplemental plans offered in your state available for purchase. And there are no waiting periods for preexisting conditions.
There are a few supplemental insurance providers who provide discounts during open enrollment. In some cases, the discount can be as much as 30% to the applicant. The savings will carry over into subsequent years helping to keep premiums lower as you grow older.
Additionally, some insurance companies will require underwriting for popular supplements, like Plan N, if the applicant is more than six months past their 65th birthday. Applying during the seven month window will require no underwriting for Plan N.
Your Medicare Part B eligibility is the gatekeeper. You may be able to defer Part B enrollment if you have qualifying group health coverage (more than 20 employees) at work.
There are other time periods of guaranteed eligibility for a Medigap policy if you’re outside you seven month period. Consumers age 65 or older and who are involuntarily losing group health insurance coverage will also be guaranteed a supplemental policy. However, they may have to go through underwriting for certain plans, like Plan N, and they might not be afforded any discounts on their plan choice.
If you are enrolling in Medicare part B for the first time after age 65, you can still purchase any plan without medical underwriting. Medicare Part B eligibility determines your course of action. If you’re not sure, then call us and we can walk you through your options.
In some states, acceptance into Medicare disability is a qualifying event. Consumers under age 65 who are approved for government disability also have a seven month window to purchase a Medicare supplement regardless of health history. California, Florida, Missouri, Illinois and Pennsylvania are all such states.
It is very advantageous for those who are eligible to enroll in a plan during this opening. Otherwise, they will have to go through medical underwriting and it is unlikely that they would qualify for supplemental coverage due to their health concerns.
Should you wish to discuss your options about enrolling in a Medicare supplement policy, please contact us today. It can be difficult to find coverage if you miss your open enrollment window. Don’t wait to investigate your options!
Category: Medicare Supplements