Open enrollment for Medicare supplements offers the advantage of enrolling in coverage without the insurance company examining your medical history.
Time Frame
Open for a period of six months, the open enrollment period allows you to purchase a supplement plan for your Medicare part A and part B. This period begins on the first day of the month you turn 65.
Benefits
This six-month period allows you to apply for supplemental coverage without fear of increased rates or rejection due to preexisting conditions.
Wait Periods
Wait periods for preexisting conditions are not allowed if you enroll during your open enrollment period.
Yearly Opportunities
From Nov. 15 through Dec. 31 each year, you are able to evaluate your coverage and decide if you want to change policies at that time. Going into effect Jan. 1 of the following year, these changes may be subject to wait periods, rate increases or declines due to preexisting health issues.
Special Exceptions
If you receive Medicare before age 65 due to disability or End Stage Renal Disease (ESRD), the open enrollment period at age 65 gives you the opportunity to review your coverage options. This is beneficial because you have the option of lowering your monthly premium and comparing a wider range of policies.
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