If you are already enrolled to Medicare Part A or B, you are already fulfilling one of the necessary criteria for being able to apply for a Medicare supplement plan. And, if you are on the original Medicare, you already know that a lot of expenses are left uncovered by it and when requiring health care services, there will be bills you would need to pay out of your own pocket. A Medicare original part A or B comes with its copayments, coinsurance, deductibles and excess charges. For those who require medical care many times throughout the year, the amount they are paying yearly for medical care can become really high really soon. This is why many want to enroll to a supplement plan, which helps cover for these expenses that the Medicare original simply won´t cover. However, do you know when you can apply for a Medicare supplement plan?
The best time
There is a so-called “best time” to enroll to a Medicare supplement plan. This is because during this time, the cost for your premium rate will be lower than otherwise. This time is other known as the open enrollment period. This is a period that grants you guaranteed-rights. Guaranteed rights mean that the health insurance company cannot deny you enrollment to the plan, and it also cannot base their price based on your health state or previous conditions. Especially for those with disabilities and chronic conditions, this is a time to fully take advantage of. Otherwise, after missing the period, you will lose you guaranteed rights and the insurance company will be able to start charging you more for the premium rates with the excuse of you having extra costs due to your condition.
There are also some other, special situations, that can guarantee you these rights, outside this enrollment period. If the Medicare supplement company you are already enrolled to goes bankrupt and you lose your coverage, you have the right to enroll to another Medical supplement plan with the same rights granted. Also, if you are enrolled to Medicare Advantage, you can freely switch to a Medicare plan anytime. If you have Medicare Select or Medicare Advantage and move somewhere, where these services are not provided, you can switch to a plan that is provided in that area without a care. Also, if you have an employer group health plan or union coverage and this is soon ending, you will be granted your guaranteed-issue rights.
In conclusion, enrolling to a Medicare supplement plans is, after fulfilling the criteria, almost always possible. It is the premium rate that changes in different stages of your life and why the time of enrollment makes a difference. If you have been only offered high premium rates so far, wait for the enrollment period to finally get a plan that you can afford and that will save you money in the long-run. It is important to compare health insurance companies, as they all have different rates for the same types of plans.