Beginning Enrollment period for Medicare Supplements
There is only one open enrollment period for Medicare Supplement Insurance. This differs from the normal Medicare open enrollment period that happens once every year. There is typically a 6-month open enrollment period for the Medicare Supplement Insurance.
There are two general ways to qualify for the Medicare Supplement Insurance.
- You must have Part A and Part B which is the Original Medicare
- You have reached the age of 65.
Obtaining Medicare Part B prior to turning 65 years old will make your Medigap open enrollment period begin the exact day of the month you turn 65. Your Medigap open enrollment period will begin the exact month in which you are enrolling into Medicare Part B if you choose to register after turning 65 years old.
Pros of Purchasing During Open Enrollment
It is smart to buy the Medicare Supplement Insurance Policy during the open enrollment period because it offers the buyer certain consumer protections. There are four ways to be protected during the open enrollment period.
- You will not be denied coverage from insurance companies such as Medigap.
- Attaining your policy during this time will keep the insurance company from boosting the premium costs if your health gets worse.
- Purchasing during this period guarantees immediate coverage of insured clients; keep in mind there could be a delay for a pre-existing condition.
- This will allow the right and privilege to change your Medigap Insurance Policy during the 6 month open enrollment period.
Applying outside of the open enrollment period for a Medigap Policy is allowed, but it can limit your protections from consumers. The Medigap insurance companies tend to use something called medical underwriting after the Open Enrollment Period has passed, aiding the insurer in deciding if they can take the application along with the policy’s premium.
Most people apply for the Medigap policy during the open enrollment period because medical underwriting is not allowed during this time.
The strength of applying during the open enrollment period is that individuals with more serious health problems are entitled to have the same premiums as those individuals with better health issues.
Applying during the Medigap open enrollment also helps with purchasing a Medigap policy that the company is selling at the time as stated at Medicare.gov for the same price as any other individual with good health.
Cons of purchasing open enrollment period under age 65
While being over the age of 65 keeps you protected from the consumers, the same does not go for individuals under the age of 65. Being under the age of 65 does automatically qualify you for Medigap because the Federal law doesn’t require the insurance companies to sell their policies to people under the age of 65.
Being that you are under the age of 65 may hinder you from purchasing the insurance package you want offered by the Medigap Policy until you actually turn 65 years old. Being able to purchase any Medigap policy under the age of 65 could depend on what state you live in, because some states allow for open enrollment period for those Americans under 65, while other states do not.
Important points to know when purchasing a Medigap Policy
The reason people typically purchase the Medigap policy is to cover the expenses that aren’t covered from the Original Medicare which includes Parts A and B that of the plans. You would have to apply and qualify to buy the Medicare Supplement policy.
Always remember that if you qualify for purchasing this plan it is smart to do it during the Medigap Open enrollment Period. Previously mentioned, this allows you to purchase any policy that the company is offering no matter the state of your health at the time for the same price as someone with good health. If your ready to get Medicare Supplement Rates now we can do that!
There are certain ways of purchasing the plan when you are outside of the open enrollment period and still be protected like you would be if purchased during the open enrollment period. They call these trial rights and guarantee issue. These are the rights that could allow you to still purchase the policy after the enrollment period without any sanctions or penalties.