Special Enrollment Periods (SEP)
Thank you for tuning in for Empower Brokerage’s informational session!
Today’s topic we’re going to be talking about year-round enrollment opportunities, and things every consumer should know about this subject. AEP is over, however, you still have a few options to get your coverage. These options are called Special Enrollment Periods (SEP).
If one of the ways you chose to get your Medicare out of pocket covered was through Medicare Supplements, you know that you have year round opportunity there. This is assuming you qualify medically to switch plans or switch carriers.
Medicare Advantage Plan
If you chose a Medicare Advantage plan, then you must remain in that plan. There are only certain times a year that will allow you to get out of that. For example, right now we’re in one. We are in the Medicare Advantage Disenrollment Period. This period between January 1st through February 14th will allow you to disenroll from your plan, take you back to Original Medicare and you can choose a prescription drug plan. So what about after February 14th? Are you stuck in a plan until the next AEP?
Special Election Periods
There are 27 different Special Election Periods that you may qualify for that will allow you to change your Medicare Advantage plan midyear. In some instances, these will allow you to change your Medicare Supplement year round without the medical questions (underwriting).
This is when you are on Medicare, but low income qualifies you for Medicaid as well. Now, if you don’t qualify for full Medicaid because your income/resources are just a little higher than the cut off, know that there is a Low Income Subsidy (LIS) available for which you may qualify.
Low Income Subsidy (LIS)
There are 4 different levels. So, keep in mind that just because you don’t qualify for Medicaid you may qualify for one of the other levels that will help you pay for you prescription drugs.
Another Special Enrollment Period would be if you came down with a chronic illness. Maybe you have diabetes or another chronic ailment. Call one of our agents. They can help you identify if there is a chronic illness plan in your area that you would be able to enroll in. This would help you with costs of managing the condition.
Remember, there are 27 Special Enrollment Periods, we’ve just gone over a few. To get more information on the others, reach out to Empower Brokerage and speak with one of our agents!