The individual open enrollment period for Medicare Supplement Plans is considered to be the time period when a Medicare supplement could be purchased from any insurance provider. There is no need to medically qualify, pay up higher charges because of previous or existing health conditions or to wait for coverage. According to the experts, Open enrolment is said to be mandated federally, something that is to be abided by every company.
When is it?
For every individual, the initial enrollment period is stated to begin on the month’s first day, where he is 65+ and gets enrolled with Medicare Part B. This period is for 6 months from the specified date. For instance, if the birthday falls on 3rd March and the person enroll in Part B Medicare, to initiate on 1st March, on same year, then Open Enrolment period is said to begin on 1st March and last through August month.
Knowing few essential things
Confusion could emerge in getting to know the period when Open Enrollment takes place. This is because, several Medicare Supplement Plans offered by companies are found to extend for 6 month period before initiation of individual Open Enrollment. Companies during this period allow the person to register for coverage which will not be effective until the effective date of Part B. It is often the same like the month’s first day when the person turned 65. In such a case, the person is required to have 12 month period to register without requiring medical underwriting.
If there is present employer group health insurance, then it may be wise to delay Medicare Part B enrollment, unless the group coverage is terminated or lost. This actually guarantees the individual with the capacity to have Open Enrolment period any time later to register for Part B Medicare.
How does this work?
There is not required to answer any type of medical questions during this period, or discuss medications with the companies or take up physical test. Essentially, the applications are found to lack in medical information, thus allowing quick underwriting and to derive proper coverage on time and with less complication. The insurance company cannot decline coverage under any circumstance or force the person to pay up higher rate based upon the current and past health.
Hence, registering for Medicare Supplement Plans during Open Enrollment is quite imperative. Failing in doing so, will only mean having to face future problems.