The Medicare enrollment periods are highly important due to various reasons, such as giving enrollees the opportunity to avoid late enrollment penalties or make necessary changes to their plan.
Without understanding the importance and reasoning behind the enrollment periods, though, it’s possible to delay enrollment, face penalties, and enroll in coverage that may not fit what you need.
Enrollment, Review, and Switching of Plans
During the Initial Enrollment Period, newly eligible people can enroll for Medicare. This gives those who are 65 and older a chance to have health insurance that will cover their medical costs. Enrolling during certain periods, like the Initial Enrollment Period, also gives Medicare-eligible individuals the opportunity to avoid unnecessary costs, such as late enrollment penalties, which can be permanent.
Also, existing beneficiaries have the chance to review and switch their plans. Since plans and premium costs change every year, this is a good time for beneficiaries to check their plans and make sure they are satisfied with any of the changes made. You can do all this during the Annual Enrollment Period (October 15 to December 7).
Being able to review your plan and make changes during this period is crucial to ensuring you receive the coverage you need at a cost you can afford.
Medigap Enrollment
Individuals who are eligible for Medicare Supplement Plans or Medigap can enroll during the Medigap Open Enrollment Period. This gives eligible beneficiaries a chance to enroll for their desired Medigap policy even if they have health problems. During this period, you will not be denied coverage, so this means you can enroll in a plan of your choice, and depending on the plan you choose, it can be comprehensive or provide just basic coverage.
However, enrolling after this period can keep you from getting the coverage you want. This means the insurer may choose to reject you and not provide you with the Medigap coverage. Or, if you are accepted, you could pay a much higher premium. That’s why it is important to pay close attention to these enrollment periods. Otherwise, you may get the wrong coverage, or no coverage at all.
Special Enrollment Periods
If you are facing some kind of special circumstance that causes you to delay your enrollment or find a new plan, this is where a Special Enrollment Period can be of great use. These periods can be a saving grace when it comes to avoiding late enrollment penalties or enrolling in a new plan that offers the coverage you need at a price you want. Here are some circumstances that could qualify you for this period:
- You move out of your plan’s service area
- You lose your current coverage
- Your plan’s contract with Medicare changes
- You are eligible to enroll in Original Medicare, but you currently have creditable health insurance coverage, such as an employer group plan, and can delay your initial enrollment
If you’re unsure of which Medicare enrollment period is best for you, reach out to Senior Savings USA today! We’ll make sure you stay completely informed on all your Medicare options.
