Step 4: Purchase the Medicare Supplement insurance policy.
If you have Original Medicare and are 65 or older, you may be able to apply at any time for a Medicare Supplement insurance plan. However, the timing of your application may influence whether or not a company accepts it.
The insurance company may sometimes use medical underwriting to analyze your application.
Medical underwriting is the procedure by which your previous or present health conditions may raise your premiums or potentially refuse coverage.
Apply for a Medicare Supplement insurance plan during your Open Enrollment Period to avoid medical underwriting. Your Medicare Supplement Open Enrollment Period is six months long and begins on the first day of the month you are both 65 or older and enrolled in Medicare Part B. During this time, the insurance provider cannot refuse you a Medicare Supplement insurance plan or charge you more than someone who does not have health concerns.
You will also not be subjected to medical underwriting if you have guaranteed-issue rights. Guaranteed issue is only available in limited situations, such as if you have Medicare Supplement and your insurance carrier goes bankrupt or if you have Medicare Advantage and want to switch to Original Medicare during the first year of enrolling in the Medicare Advantage plan. During your Open Enrollment Period, consider carefully which benefits you want from a Medicare Supplement insurance plan. You may not be able to switch later due to medical underwriting.
