Medicare Supplement Open Enrollment: What Should You Know? | Michael Usbelger

The phrase Medicare Open Enrollment can be confusing because Medicare has several different enrollment periods, and they do not all serve the same purpose. One particularly important period for people considering Medicare Supplement Insurance, or Medigap, is the Medigap Open Enrollment Period. Michael Usbelger helps clients understand these Medicare timelines and the distinctions between different types of Medicare coverage.

When Is Medigap Open Enrollment?

Under federal rules, your Medigap Open Enrollment Period generally lasts six months and begins the first month that you have Medicare Part B and are age 65 or older. During this period, you generally have important federal protections when purchasing a Medigap policy sold in your state. Unlike Medicare's annual Open Enrollment Period, the federal Medigap Open Enrollment Period does not simply repeat every year. https://www.medicare.gov/health-drug-plans/medigap/ready-to-buy/

Why Does This Period Matter?

During your Medigap Open Enrollment Period, insurers generally cannot use medical underwriting to deny you a Medigap policy they sell because of health problems or charge you more because of pre-existing health conditions. After that period ends, your ability to purchase a particular Medigap policy may be more limited and medical underwriting may be permitted unless you have a guaranteed issue right or another applicable protection. State laws can provide additional protections, which is another reason individual circumstances and location matter. https://www.medicare.gov/basics/get-started-with-medicare/get-more-coverage/buying-a-medigap-policy

Medigap Is Not Medicare Advantage

Medicare Supplement Insurance works with Original Medicare and is designed to help pay certain out-of-pocket costs associated with Original Medicare. Medicare Advantage is instead another way to receive Medicare Part A and Part B benefits through a Medicare-approved private plan. Federal rules generally prohibit insurers from selling someone a Medigap policy while that individual is enrolled in Medicare Advantage, making it important to understand which type of coverage you are considering. https://www.medicare.gov/health-drug-plans/medigap/ready-to-buy/

What If You Already Have Employer Coverage?

Medicare timing can become more complicated for people who continue working after age 65 or remain covered through an employer plan. Medicare notes that when qualifying employer coverage ends, individuals may have an opportunity to enroll in Part B without a late-enrollment penalty, and their Medigap Open Enrollment Period begins once they enroll in Part B and meet the age requirement. Because employer situations differ, individuals should verify how their existing coverage coordinates with Medicare before making changes. https://www.medicare.gov/health-drug-plans/medigap/ready-to-buy/

The Bottom Line

Understanding the Medigap Open Enrollment Period can be an important part of preparing for Medicare because it is different from the annual Medicare Open Enrollment Period. Timing, current coverage, eligibility, state protections, and the type of Medicare coverage being considered can all affect your options. Michael Usbelger can help clients better understand Medicare Supplement Insurance and other Medicare coverage options while recognizing that each person's situation is different.

This article is for general educational purposes only and is not intended as insurance, legal, tax, investment, or financial advice. Insurance eligibility, premiums, underwriting requirements, policy terms, benefits, and availability vary by insurer, applicant, product, and jurisdiction.