Medicare Supplement Open Enrollment Period
The Medicare Supplement Open Enrollment Period (OEP) is a crucial opportunity for individuals enrolled in both Medicare Part A & Part B to enroll in a Medicare Supplement (Medigap) plan without facing medical underwriting or higher premiums based on their health conditions. This six-month period begins the first day of the month their Medicare Part B is in effect, and for many people, this is the first day of the month they turn 65. Once this time passes, there are fewer options to buy a Med Supp (Medigap) policy, and the policy could cost more. It is important to note that those who delay enrollment in Medicare Part B due to creditable coverage through their large employer group plan will have their Medicare Supplement Open Enrollment Period when they lose group coverage and enroll in Medicare Part B.
Enrolling in a Medicare Supplement plan outside of the OEP is possible, but it requires answering questions related to your health history and medications. Your answers will determine whether or not you will be accepted into the plan. Therefore, the key to enrolling in a Med Supp plan is passing underwriting, which you can avoid altogether by applying for Medigap coverage during your Medicare Supplement OEP.
It is worth noting that many people are not aware of what the Medicare Supplement OEP is, or that it is the best time to buy a Medicare Supplement policy. After this period, your options to buy a Med Supp (Medigap) policy may be limited, and the policy may cost more. For individuals with pre-existing health conditions, securing coverage at a reasonable cost without facing medical underwriting or risk being denied a policy is crucial.
If you are under 65 and have Medicare coverage due to a disability, you have two Medicare Supplement OEPs available to you. The first is when your Part B coverage starts before you turn 65, and the next one starts when you turn 65. Additionally, if you enroll in Medicare Part B and then choose to go back to work and receive employer coverage, you can stop your Part B coverage at that time. Once you decide to retire again, you will re-enroll in Part B, and therefore, you start a new OEP.
To see the benefits of each Medicare supplement plan side by side, you can click here.
