Yes, there are Open Enrollment Periods you need to be aware of as you near retirement and manage your health care resources through your retirement years. It’s important to know when they occur and how you might be affected.
For example, missing the Open Enrollment Period for Medicare Supplement insurance means you could be denied the coverage you prefer. If you participate in a Medicare Advantage plan, missing the defined period might mean you are forced to delay necessary changes for several months.
Below is a short summary of the Open Enrollment Periods. It will help you avoid pitfalls and secure the best retirement health insurance coverage for your particular needs.
Most people become eligible for Original Medicare when they turn 65 they can enroll at any time during the seven-month period beginning three months prior to the month of your 65th birthday and ending three months after the birthday month.
Coverage can begin on your 65th birthday if you are enrolled at that time.
Shopping Tip: You must have enrolled in Medicare Part B to be eligible for Medicare Advantage or Medicare Supplement Insurance plans.
The best time for you to buy a Medicare Supplement Insurance policy is during your 6-month Medicare Supplement Open Enrollment Period. This period automatically starts the first of the month you have Medicare Part B and are age 65 or older. *
During this six-month period, every insurer offering Medicare Supplement Insurance coverage in your state guarantees acceptance, regardless of your health. But afterward, an insurer may…
Coverage arranged during the open enrollment period begins when the policy is issued. Once you are issued a Medicare Supplement Insurance policy, you can keep it for life as long as you pay the premiums when due, have given accurate information when you apply, and your insurer remains solvent.
There are a number of exceptions, and state regulations vary. Your licensed insurance agent/producer can provide you with the information you need to best protect your financial health.
A Medicare Supplement Insurance policy is yours for life, even if you move to a different state, as long as premiums are paid when due. It covers any provider who accepts Medicare.
If you let your initial Medicare Supplement insurance enrollment period pass by, you may want to ask if an insurer offers guaranteed issue at other times. Some do.
This period applies only to those already enrolled in Original Medicare or in Medicare Advantage (Part C) and who want to make changes.
During this period you can …
Any changes you make take effect on January 1 of the following year.
Shopping Tip: Remember that you cannot combine benefits from a Medicare Advantage plan and a Medicare Supplement Insurance plan.
This period is open only to people with existing Medicare Advantage plans. If you have a Medicare Supplement insurance plan, this is your opportunity to …
Changes made during this period take effect July 1.
Shopping Tip: As you know, formularies differ and change. Be sure to check current formularies when considering a Prescription Drug Plan.
If you’re younger …
You can begin to receive Social Security benefits at age 62, but you will not be eligible for Medicare until age 65. However, if you are receiving Social Security benefits before age 65, you will be automatically enrolled in Medicare when you reach age 65. Your six-month open enrollment period for Medicare Supplement insurance will begin on your 65th birthday.
If you’re older …
If you can establish that you have creditable coverage up until your retirement time, you may be eligible for special enrollment periods for both Original Medicare and Medicare Supplement insurance plans. Talk with a licensed insurance agent/producer about your rights and options.
There is much more to know about Medicare, open enrollment, and how plans like Medicare Supplement insurance, Medicare Advantage, and Medicare Part D work together. You know as well as anyone that Medicare is complicated. The licensed agent/producers at AMA Insurance are ready to help you make the most of what it can provide. Taking care of physicians and their insurance needs is what we do … and they’ve been doing it for more than 30 years. They are ready to talk.
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Medicare Supplement insurance plans administered by AMA Insurance are the only ones sponsored by the American Medical Association. Experience our highly personalized Physicians Signature Service®. When you have questions, need assistance, or want your claims handled with the utmost care, efficiency, and attention to detail, AMA Insurance will be there for you. Physicians are not just our top priority; they’re our only priority.
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* Important Information:
Kentucky: IN ORDER TO QUALIFY FOR A MEDICARE SUPPLEMENT INSURANCE PLAN DURING OPEN ENROLLMENT YOU MUST BE TURNING 65 OR OLDER. IF YOU ARE UNDER 65 AND ENROLLED IN BOTH MEDICARE PART A AND PART B AND YOU QUALIFY FOR A MEDICARE SUPPLEMENT INSURANCE PLAN, THE COMPANY MAY PERFORM UNDERWRITING IF YOU ARE NOT ELIGIBLE FOR A GUARANTEED ISSUE PERIOD.
Missouri: In order to qualify for a Medicare Supplement Insurance plan during open enrollment you must be turning 65 or have part B. A Medicare Supplement Insurance Plan may also be available to people under age 65 with certain disabilities and people of any age with End-Stage Renal Disease (ESRD). Persons who are covered by a Medicare Supplement Insurance plan may move to another company within 30 days of their annual policy anniversary date and the company must issues, on a guaranteed issue basis, a policy which is the same as the plan under which the insured was most recently covered.
New York: MEDICARE SUPPLEMENT INSURANCE IS ALWAYS GUARANTEED ISSUE AND OPEN ENROLLED IN NEW YORK.
Texas: Open enrollment is the 6 month period beginning on the first day of the month in which you are enrolled in Medicare Part B. If you are on Medicare under age 65, you will also have a 6 month open enrollment period when you reach age 65.
** Arkansas, Connecticut, Idaho, Massachusetts, Maine, Minnesota, New York, Vermont and Washington are community rated and do not allow age banded rates.
OUTLINE OF COVERAGE AVAILABLE UPON REQUEST.
Medicare Supplement insurance products underwritten by Transamerica Life insurance Company (TLIC), 6400 C Street SW, Cedar Rapds, IA 52499 or Transamerica Financial Life Insurance Company (TFLIC), 440 Mamaroneck Avenue, Harrison, NY 10528. TFLIC is licensed to conduct business new New York. TLIC is authorized to conduct business in all other states. In some states, Medicare Supplement insurance plans are available to qualified individual under age 65.
To maintain these valuable benefits, AMA is reimbursed for administrative expenses incurred in connection with this program.
No portion of AMA membership dues is used by AMA Insurance Agency, Inc. to support the marketing efforts of the AMA-sponsored Medicare Supplement Insurance Program.
EB3 2567908 V 06/23