Why Is Medicare Supplement Open Enrollment So Important?
If you are planning to purchase a Medicare Supplement policy, Medicare Supplement Open Enrollment is the best time to do so. During this period you can purchase a policy from the insurance company of your choice, without any qualifying health questions. Most applications will not even have any medical information.
During this period your premium can not be rated up for any current or previous health conditions, nor will there be a waiting period for coverage. The insurance company can not for any reason decline your application. This is a period that every company has to offer, since it is Federally mandated.
When Is It?
Each persons personal enrollment is different. Your personal Medicare Supplement Open Enrollment period begins on the first day of your birth month during the year that you turn 65 years old. If you choose to delay enrolling in Part B, then it will not be until the year that you enroll. Your Medicare Supplement Open Enrollment period will last for six months from that date.
Some companies will open a six month window for Medicare Supplement Open Enrollment for the six months prior to you becoming eligible. Your effective date would still be the same as your Part B effective date, or the 1st day of the month that you turn 65. This creates a year long window that you could sign up with no medically qualifying questions.
Many people are now choosing to continue to work, or may have employer paid insurance coverage as a part of their retirement package. In these cases, it may be smart to delay enrollment into Part B until you no longer have that coverage. At the time that you lose this coverage and enroll in Part B, your Medicare Supplement Open Enrollment window would start.
If you are looking into your Medicare options, and you choose to purchase a Medicare Supplement plan, it is very important that you purchase it during your Medicare Supplement Open Enrollment period.