How Does The Birthday Rule Apply To Medicare Supplement Policies?
The Federal government gives you a birthday present every year when you have enrolled in Medicare. They give you the opportunity to make changes to your health care coverage. How does the Birthday Rule apply to Medicare Supplement policies is important information every senior needs to be know. Arming yourself with this information may save you a lot of money down the road. If you aren’t happy with your current Medigap coverage, use the Birthday Rule to make changes.
The thirty day period following your birthday is open enrollment each year. If you have signed up for Medicare, then you can purchase Medicare Supplement policies without having to be subject to new medical reviews or waiting on an approval period. The new Medigap policies may offer the same coverage as your old Medicare Supplement policy. The new Medigap coverage may also offered reduced benefits. This helps you decided whether you have enough to too much coverage. Your decision here can either increase or decrease your monthly premiums.
If you are like most seniors, you will purchase your Medicare Supplement policy at the same time you apply for your Medicare benefits during the initial Medicare Open Enrollment period. Purchasing Medicare Part B is a requirement before you can sign up for any Medicare Supplement policies. The “Birthday Rule” allows you to easily change Medicare supplemental plans annually without going through the hassle of a new medical review of your current health care status. You find a Medigap plans than really meets your current needs or reduces our monthly cost, then using the “Birthday Rule”, you can easily switch plans. You can do this every year during this thirty day period following your birthday.