When to apply for Medicare Supplement Insurance?

Are you wondering when to apply for Medicare Supplement Insurance? The Medicare and You booklet, published by the Centers for Medicare and Medicaid Services, states that the best time to enroll in a Medicare Supplement Plan is during your Open Enrollment Period. Unlike Medicare Part C & D, the Open Enrollment Period for Medicare Supplements is the first 6 months after you reach 65 and are enrolled in Medicare Part B.

Why is it so good to apply during this time?

The reason you want to apply for Medicare Supplement plans during this time frame is because you do not have to answer any health questions. This means that any pre-existing condition is covered with no waiting periods. Also you can apply with any of the companies you choose - you are not funneled to the high risk pool.

When to Apply for Medicare Supplement Insurance?

There are different time frames in which applying for insurance is crucial. As mentioned above there is the Open Enrollment Period for Medigap Insurance. There are also guaranteed issue rights. Without going into too much detail here, there are 7 different time frames when you can enroll in a supplemental policy with no health questions outside of your first 6 months with Medicare Part B.

Some examples of these guaranteed issue rights are: losing group coverage, losing MA coverage, insurance company going broke, or you were lied to or misled into enrolling in a plan. You may be saying, "that's great, but now what do I do and I how do I prove I am in one of these guaranteed issue time frames?".

  1. You have to know when to apply for Medicare Supplement Insurance. An application must be written within 63 days of losing coverage or one of the guaranteed issue rights happening.
  2. You will receive a letter from the company notifying you that your coverage was cancelled or Medicare Advantage plan will no longer be offered. This will be required when applying for a Medicare Supplement. Submit with your application, if you do not have your letter at the time submit the application but it will not be approved until the letter is received.

When to apply for Medicare Supplement Insurance is important since there are time restrictions. If you need help navigating these time frames call us at 1-877-759-5760.

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