Guaranteed Issue and Open Enrollment


Both guaranteed issue and open enrollment have guaranteed acceptance. That means no underwriting is required in order to get the Medicare supplement.

What is the difference

Open enrollment is the time period 6 months before and after Medicare Part B effective date. Signups are an ongoing process during this 12-month range. Signing up is extremely easy and has exceptional rates. There are several situations where you can gain guaranteed issue without any underwriting. One of the most common situations found is when people are under 65 and they lose their group coverage under their employer’s plan. After losing coverage of their employer’s group plan, there are 63 days to sign up for Medicare supplement. Another common situation that allows for the reception of guaranteed issue is when a person is over 65. This person only has 12 months, after signing up for a plan, to switch to a Medicare supplement.

Guaranteed issue and open enrollment eligibility

There are only 3 ways to become eligible for a Medicare supplement. One is guaranteed issue, another is open enrollment. Both have no health questions or underwriting requirements. The third way to become approved for a Medicare supplement is called full underwriting. There is a list of medications and health requirements that need to be met. The last method is very time consuming and tedious.

Scenario

The thing to focus on is what relates to open enrollment. This usually relates to people just turning the age of 65 or just becoming eligible for part b. They may have worked past the age of 65 and just come off group insurance. They may be 68 and just enrolling for part B Medicare. This is a common scenario and is still an open enrollment time frame. The key to look for is what the part B effective date is. This scenario matters because the open enrollment period means there is no underwriting. If people are coming off of group coverage, they are given automatic access to the guaranteed issue with no underwriting.

Guaranteed issue and open enrollment both guarantee acceptance into Medicare supplements.

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