Medicare Supplement 2021 – Best Time to Enroll

When is the best time to enroll in a Medicare supplement plan? Can I sign up at any time? Is there a late enrollment penalty?

The number one mistake by folks who are new to Medicare is . . . not knowing WHEN to apply for coverage.

WHEN you enroll in Medicare A and B determines the best time to enroll in a Medicare supplement plan.

You have SIX MONTHS from the time your Part B coverage begins to enroll in a Medigap plan.

You have 63 days to enroll in a Medicare drug plan.

Go BEYOND those windows and you my not qualify for a Medigap plan.

You CAN get a Part D plan, but only during an open enrollment period, and you will pay a LIFETIME late enrollment penalty.

Common Medicare Supplement Enrollment Mistakes

If you are approaching age 65 the Medicare maze can be intimidating. Even more so if you have been covered by employer group health insurance for most of your adult life. That’s about 70% of the aging in population.

You have Medicare questions. I have answers.

Self employed and others who bought their own health insurance plan have a leg up. At least they have been accustomed to “shopping the market” for coverage.

• You fail to understand the difference in Medicare Advantage vs Medigap
• Thinking Medicare supplement is different from Medigap
• Believing you can change plans at any time
• Believing you can only change during Open Enrollment
• You think Medigap carriers cannot reject you because of health issues
• You have been told your Medicare supplement plan can be cancelled if you get sick
• Thinking a carrier can single you out for a rate increase if you get sick
• Someone told you Medicare does not cover cancer treatment – and you BELIEVED them
• An insurance agent tells you Advantage plans are BETTER than original Medicare and Medigap – and you thought they were telling you the truth
• You didn’t know the insurance carrier can withdraw from your state at any time
• You failed to understand the consequences when Medigap carrier stops writing new business

But applying for Medicare is unlike anything you have done before. Trust me on that.

The best time to buy a Medicare supplement policy is during your 6-month Medigap Open Enrollment Period. You generally will get better prices and more choices among policies. During that time you can buy any Medigap policy sold in your state, even if you have health problems. – Medicare.gov

Medicare Enrollment Mistakes

Here are just a few of the mistakes I have seen over the last 10 years.

• Failure to apply for Medicare on a timely basis
• Assuming you will be automatically enrolled at age 65
• You think if you don’t apply at age 65 you will be penalized
• Believing you can sign up for Medicare at any time
• Covered by employer group health insurance AND Medicare
• Picking up COBRA after your group health plan ends
• You think COBRA is creditable coverage
• You fail to understand the signicance of Medicare Part B
• Thinking Medicare is only for those no longer employed
• You think you must have Social Security and Medicare
• If you have an HSA and want to continue making contributions, DON’T sign up for Medicare

If you fail to follow the Medicare enrollment rules you might miss an opportunity to get the kind of coverage you really want.

How to Correct Medicare Mistakes

Some enrollment mistakes can be corrected.

Others cannot.

The cardinal rule about Medicare is, if you don’t KNOW for certain you are making the right move, don’t do anything.

If you are involuntarily losing employer group health insurance, and have health problems, but also have Medicare A and B you MAY still have options. With proper documentation of continuous creditable coverage you can get a Medicare supplement plan. Available plans are limited and insurance agents may not be willing to help you.