Above: National Sales Director, DeWayne Long discusses when is the best time to get a Medicare Supplement.
Medicare may be widely utilized, but that doesn’t mean that your specific circumstances aren’t important. When first signing up for any kind of Medicare coverage–or if you’re an existing enrollee looking for a change–there are a few different things you need to consider before taking action, such as:
- Whether or not you’re coming off of a group plan. Being a member of a group health plan may be a complicating factor in your enrollment. Do your own research and get expert guidance to smoothly transition from a group plan to Medicare.
- If you qualify for a Special Election Period, or SEP. If you have recently experienced a significant life event, you can get special permission to make changes to your insurance, opening up more avenues to care. Some of the events that qualify are moving to a new place, getting married or divorced, and undergoing a change to your employment.
- Is it the right time of the year?. Because Medicare is a federal program, there are regulations dictating when a person can enroll, disenroll, or change their policies. Medicare Annual Enrollment Period runs from October 15th – December 7th. It is difficult to make edits outside of that window.
- What all of your different options are. Medicare is a complex program where you can mix and match offerings to meet your needs. There is no ‘one size fits all’ option. It’s important to educate yourself on what’s available so you can get all the care you need and save money year-round.
- Geographic factors. Your access to quality healthcare—or, healthcare that meets your specific needs–is dependent on where you live. Different states follow different rules and operate at different standards. It’s important that you’re aware of what types of insurance your preferred doctors and hospitals accept. That way, you’ll be able to get the care you’re looking for without having to pay enormous fees or face penalties.
Expert Help
There are trustworthy experts out there who will examine your situation and provide quality guidance for free. These experts are known as insurance agents or insurance brokers. They keep a close eye on the market, study what’s available, and work with carriers so that they can serve the public at no cost to their clients. If you would like to speak with a licensed agent who is equipped to answer your questions and compare your options for you, look into what brokerages there are in your area. You can speak to an agent via text, email, phone call, or meet in person to address your concerns face-to-face. Whichever way you would prefer!
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This article was updated on 10/4/24.