If you already have Medicare, then you might have heard about the Medicare supplement open enrollment that happens every year. And if you have avoided it until now thinking that it may not be very beneficial for you, then you may have passed on a very good opportunity to enroll in a Medicare supplement of your choice. To help you better understand what the Medicare supplement open enrollment period is all about, we list out the five things you should know about it.
This Is Not The Same As Medicare Open Enrollment
A common mistake many people make is to confuse a Medicare supplement open enrollment period with that of a Medicare open enrollment period. Both are very different. The Medicare open enrollment generally runs each fall, from October to December, during which people can change their coverage and Part D drug plans. In contrast, the Medicare supplement open enrollment refers to the 6-month open enrollment period, typically from June to December, which allows people to join in any medical supplement plan they choose, whether it be Plan A, B, C, D, F, G, K, L, M or N.
All Medicare supplement policies are standardized as per federal guidelines. As such, any such policy offered by the companies will have the exact same benefits, with absolutely no difference between them. So, if you find a Medicare supplement policies being offered by two companies at different rates, always go with the cheapest one since the pricier one will never have any added advantage over the low price plan.
Remember to watch out for the special discounts that the companies offer on the Medicare supplement plans. Otherwise, you might miss out on saving on the premiums. For example, a company might offer a spouse discount, wherein if you and your spouse join in the same company’s plan, you will get a discount on the premiums. And if you agree to have your monthly premiums automatically deducted from your bank account every month, then you too can expect to receive a discount.
No Health Questions
The biggest benefit of enrolling in a Medicare supplement plan during the Medicare supplement open enrollment period is that you can join in any plan you wish without being subjected to any questions regarding your health. You can be the sickest person on earth, and you will still be able to pick out a supplement plan of your choice, without being afraid of the insurance companies turning you down. In fact, the companies are legally obliged to allow you into your desired plan during the enrollment period. And if you are rejected, you can easily take legal action against them.
The Californian Benefit
If you are a resident of California, then you get an added benefit. From your birthday and till the 30 days past, you have the full right to switch to any company’s Medicare supplement plan without any medical underwriting, provided you already have a Medicare supplement policy in effect.
So, keep the above points in mind before you enroll in a Medicare supplement plan, and you will have an easier time choosing a cost effective option.