The Open Enrollment term of the Medicare Supplement Plan is the time when you are able to purchase the policy from your preferred insurance agency, without paying a higher amount because of any previous or present health issues, requiring to qualify medically, or waiting for the coverage. And since the enrollment is Federally mandated, all the insurance firms are required to abide by it.
Medicare Supplement Plan Open Enrollment: When Is It?
The initial period of enrollment starts on the 1st of each month where the senior is both above the age of 65 and enrolled in Part B of the Medicare Plan. It continues for a duration of 180 days from the given date. For instance, in case your birthday is on Feb 1 and you purchase Part B Medicare to begin on Feb 1 of the same year, then the Open Enrollment term for you would start on Feb 1 & last thru the month of July.
One thing which results in confusion in knowing when the period for Open Enrollment falls is the fact that quite a few insurance agencies offering the plan also extend the 180-day period before the Open Enrollment for the person begins. In this period, the senior is allowed you to register for the coverage which isn’t effective till the actual effective date of Part B (many times, the same as 1st of the month in which the person turns 65). Here, the person would have a 1-year period for signing up without any medical underwriting.
For those having group health coverage by the employer, it’s good to delay your participation in Part B program till you close or lose the group policy. This way, you are guaranteed to be eligible for Open Enrollment term at a later stage.
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Within this period, the person doesn’t need to discuss medications, answer any questions related to their health or take the physical examination by the insurer.
This way, the underwriting can be quite easy, and the person is able to participate at the right time and with minimal complications.
Besides, the insurance agency, under no situation can force the policyholder to pay a greater amount or reject his/her coverage.
Thus, it’s important for you to enroll in the Supplemental plan within the Open Enrollment term. Registering at the initial stage is definitely a sure-fire way of securing a financial future with minimum health care expenditures and unnecessary headache.