The Medicare Supplement Open enrollment period is the one time in your life you can enroll in any Medicare Supplement (Medigap) plan without medically qualifying. Since most people only get this once, best use it wisely and enroll in your Medigap plan.
You can sign up for a Medigap plan any year, but you’ll have to answer health questions. Depending on your health, you may not get coverage. Your Medigap Open Enrollment Period is NOT the same as the Annual Enrollment Period.
What is the Medicare Supplement Open Enrollment Period?
Your Medicare Supplement Open Enrollment period is a once-in-a-lifetime period you get when you start Medicare. For most people, it’s when you turn 65. Sometimes it begins once you retire and start your Medicare Part B.
During your one-time Medigap Open Enrollment Period, you can:
- Enroll in any Medigap plan with any carrier without health qualifications
- Change as many times as you want as long as you’re still in your open enrollment window
- Enroll up to six months in advance to lock in the rate for most carriers and states
Your One-Time Medicare Supplement Open Enrollment Period
Your Medicare Supplement Open Enrollment Period begins the first day of the month your Part B goes into effect.
If you delay your Part B, your enrollment window for Medigap will start the same day as your Medicare Part B. You’re one-time open enrollment window will last six months.
Most people will only have one OEP in their lifetime. You can receive a second OEP for Medigap plans in a few situations.
Second Medigap Open Enrollment Period for Those on Disability
Upon being on disability for 24 months, you’ll become eligible for Medicare on your 25th month of being on disability.
Typically, the beneficiary will be under 65. In this situation, you’ll have two Medigap Open Enrolment Periods.
The first will start the same month your Medicare starts and will continue for six months. The second is as you approach your 65th birthday. It will begin on the 1st day of your birth and continue for six months.
Second Medigap Open Enrollment Period if You Cancel Your Part B
If you cancel your part B, you can only have more than one Medicare Supplement Open Enrollment Period. Once you re-enroll into Part B, you’ll get a second open enrollment window.
The second OEP will start at the same time as your new Part B start date and continue for six months.
How soon can I enroll?
It varies from state to state and depends on the insurance carrier. In most cases, you can enroll in a Medigap plan six months before your 65th birthday.
How do I prepare for my Medigap Open Enrollment Period?
When you start the Medicare journey as a future Medicare beneficiary, many try and research everything themselves.
Unfortunately, like so many other subjects, much misinformation is available. There are also many examples of overcomplicated explanations intending to confuse you.
The best thing you can do early is to speak with a licensed insurance broker. Find someone that represents most of the Medicare Supplement companies in your area.
Don’t use an agent that only offers one or two carriers. They work for the insurance company, not you. The plan they offer may be good for you, but there could be something that fits your needs better.
Start your enrollment process in Medicare as soon as you can. The sooner you have this taken care of, the easier the process will be.
Some carriers require your Medicare card to enroll in a Medigap plan. Other carriers don’t require a Medicare card at the time of application. They will request a copy of it before the Medicare Supplement plan starts.
Lock in your rate early. Medigap plans usually have an annual rate increase. Some carriers like Mutual of Omaha will lock in your rate for 12 months based on the price at the time of application. Sometimes, this results in lower rates for the first 12 months of your policy.
To Recap:
- Apply for Medicare A and B during your Initial Enrollment Period
- Speak with a licensed agent that represents several carriers
- Don’t over research
- Enroll early to lock in your rate
- Don’t procrastinate – it can result in higher rates
What happens if I miss my Medigap Open Enrollment?
The good news. You can still enroll in a Medigap plan at any time. Now the bad news. You’ll have to answer health questions and may not be approved if you’re outside your OEP.
If you miss your open enrollment window, fear not. Other options are available to help protect you from the out-of-pocket costs left over by Medicare. These will come in the form of Medicare Advantage plans.
How to Get Help During My Medicare Supplement Open Enrollment Period
Give us a call! If now is not a good time, fill out our online request form. We’ll have one of our licensed brokers reach out to assist. We understand this can be an overwhelming time and are here to help.
