Medicare Supplement Open Enrollment is the most important period of the year for individuals that want to purchase a Medicare Supplement (Medigap) plan. Medigap enrollment in Florida is a six-month period that differs for every individual because it is based on their age and when they enroll in Medicare Part B.
Medigap helps cover costs that are not covered by Medicare, giving patients greater security and peace of mind. What’s important to know is that you only get one chance to enroll in a Medicare supplement plan in Florida. This means that if you miss the six-month window, you will not be able to purchase supplemental coverage in the future.
If you don’t buy Medigap in Florida during the open enrollment period, then you are more likely to pay higher premiums and face much larger deductibles.
What is Medicare Supplement (Medigap) Open Enrollment?
Medicare Supplement Open Enrollment is the six-month period that begins the month an individual turns 65 and is enrolled in Medicare Part B. It starts on your 65th birthday and runs for exactly six months. During this time, you cannot be denied coverage or charged higher premiums due to any pre-existing conditions.
While the Affordable Care Act (ACA) prohibits any insurer from denying coverage due to underlying health conditions, they can still charge higher premiums. The open enrollment for Medigap means Florida residents get six months to compare providers and find a plan that suits their needs and budget.
The point of Medicare supplemental coverage is to cover some of the costs that the original Medicare doesn’t, like copayments, coinsurance and deductibles. A Medigap plan can help make healthcare more accessible and affordable for adults 65 and up.
Answering the Question: “Which Is True About Medicare Supplement Open Enrollment?”
There are three important facts to know about Medicare Supplement Open Enrollment in Florida:
● Guaranteed Issue Rights: During the Medigap Open Enrollment period, insurance companies cannot deny Medigap coverage. It does not matter whether the applicant has pre-existing conditions or any special medical needs.
● Limited Time Window: After the six-month open enrollment period ends, it can be more difficult (or more expensive) to purchase a Medigap plan.
● State-Specific Rules: Florida has an issue-age basis rule that means a person’s insurance will not increase as they get older.
● Differences from Medicare Advantage: Medigap supplements the original Medicare while Medicare Advantage is an all-inclusive alternative plan. The six-month open enrollment period only applies to Medigap; you can still buy Medicare Advantage plans after the six-month window.
Why Is Medicare Supplement Open Enrollment Important?
Individuals who have pre-existing conditions, lower or limited incomes, or chronic conditions can face significant out-of-pocket medical expenses. Medigap helps lower the financial burden so these people can continue to receive the healthcare they deserve.
Another important factor is that Medigap allows you to lock in a low rate on health insurance that may normally be much more expensive given your medical history. If you are outside of the open enrollment period, some Medigap providers can even deny coverage based on pre-existing conditions or make you wait for six months after buying a policy for it to go into effect.
To save yourself the stress and hassle of finding a provider that will likely charge more, it’s best to enroll in Medigap coverage during the six-month period following your 65th birthday.
For example, imagine that you have a heart condition that requires ongoing doctor’s visits and prescription medication. Without Medigap, your healthcare may be unaffordable. The additional coverage Medicare supplementation provides helps you consistently see your specialist.
But if you try to buy this coverage outside of the six-month window, you could face much higher premiums that make taking care of yourself a challenge. To protect your well-being, it’s best to explore Medigap in Florida while you’re in the six-month open enrollment period.
Special Considerations for Florida Residents
Florida offers residents various types of Medigap coverage options, labeled from Plan A through Plan N. These policies offer multiple levels of protection and coverage, including out-of-pocket costs for Medicare Part A and B services.
Due to the large retiree population, Florida has a competitive Medigap market that can help you secure a good deal. The abundance of choices helps residents get the most comprehensive coverage for an excellent price.
The federal six-month enrollment period also applies to residents in Florida. However, there may be additional protections in place. A Medigap representative is the best person to help you explore all your options.
Medicare Supplement Open Enrollment vs. Medicare Advantage Open Enrollment
Medigap and Medicare Open Enrollment are two separate enrollment periods. Both programs help make healthcare more affordable for seniors, but they are not the same. Medigap is focused on offering greater coverage for out-of-pocket costs when it comes to medical appointments.
Medicare Advantage, on the other hand, is an alternative to the original Medicare that can offer extended coverage, increased health services, and more care options. The Medicare Advantage Open Enrollment period runs from January 1 to March 31 each year.
You can buy or change your Medicare Advantage plan any year, but you only get one six-month open enrollment period to buy Medigap at a low rate.
Common Misconceptions About Medicare Supplement Open Enrollment
Misconception 1: “You can sign up for Medigap anytime.”
Reality: While technically true, it becomes more difficult and expensive after the six-month Open Enrollment period. During that time, you are protected against higher rates or denial for pre-existing conditions. Though you can still look for Medicare supplemental coverage after the Open Enrollment period, it can be much harder finding an affordable plan.
Misconception 2: “You need to wait until Medicare’s annual Open Enrollment period to sign up for Medigap.”
Reality: Medigap Open Enrollment is different and typically begins the month you turn 65 and are enrolled in Part B. It doesn’t matter when the regular Medicare annual Open Enrollment period is. Your six-month period is based on your birthday.
Misconception 3: “Medigap covers everything Original Medicare doesn’t.”
Reality: Medigap helps with out-of-pocket costs but doesn’t cover services like vision, dental, or long-term care. If you want additional coverage, then you would need a Medicare Advantage plan.
Conclusion
Medicare Supplement Open Enrollment is an important period for anyone turning 65 who wants to offset the out-of-pocket costs of Medicare. You have six months from your 65th birthday to explore providers and find the right plan for you. Florida also has additional protections that prevent Medigap insurers from increasing your premium as you get older. This is why locking in the lowest rate possible is so vital.
If you would like to learn more and get personalized recommendations, contact a Medicare advisor or use Medicare’s plan comparison tools to find the best Medigap plan for your needs.
FAQs
No, you can usually only switch Medigap plans during the six-month open enrollment period or in cases when you have a guaranteed issue right. You will have to speak with a Florida Medigap advisor to learn more about when you can change coverage or if you have the option to find a new provider.
Can you change Medigap plans at any time?
Can you enroll in a Medicare supplement at any time?
Technically, yes, but you only get one six-month enrollment period when you turn 65 and enroll in Medicare Part B. While you can still find insurance after that period, it can be difficult to do so and may carry the potential of coverage denial due to pre-existing conditions.
Can you be denied Medigap coverage during open enrollment?
During the six-month open enrollment period, individuals are allowed to buy Medigap coverage priced for their age, not their health. This means that they can secure lower rates and get covered without a health screening.
Can you have two Medigap policies?
No, you can only have one Medigap policy. If you want to change your policy outside of the open enrollment period, you will likely have to answer medical underwriting questions. These can cause you to pay more expensive premiums based on your current or past medical history, age, and assumed level of health risk by the insurer.
