Familiarizing yourself with Medicare Supplement (or Medigap) policies is crucial as you prepare to retire. These policies fill in the gaps that traditional Medicare does not cover. You can think of them as your financial cushion, keeping your out-of-pocket medical expenses from becoming an overwhelming burden.

As you get closer to 65, it’s natural to feel confused and overwhelmed by all the Medicare and supplemental plans out there. Despite its complexity, it’s essential that you try to familiarize yourself with the process. And one of the most important things you need to understand is when to sign up for a Medicare Supplement plan.

This enrollment period is crucial because it’s your opportunity to enroll in a plan without the fear of being turned away or paying more because of any pre-existing health issues. Everyone is treated equally because your medical past does not dictate your access to supplemental coverage during this period.

Are you interested in learning more about the open enrollment period that applies to Medicare Supplement plans? This Medicare Supplement agency in Chesterton, Indiana is going to explain below.

Things you should know about the open enrollment period

The open enrollment period is essentially your special window to choose a Medicare Supplement plan without worrying about being turned down or paying more because of your health conditions. Your open enrollment starts on the first day of the month when you turn 65 and are also signed up for Medicare Part B. But if your birthday happens to be on the first of the month, your enrollment period begins a month earlier. This head start gives you extra time to compare your options.

For these six months, your Medicare Supplement agency in Chesterton, Indiana can help you shop around for different plans. The insurance companies cannot use your past or current health issues as a factor in your coverage. So, it doesn’t matter if you have existing health conditions or are in perfect health; you’ll get the same terms and rates as everyone else.

Outside the open enrollment period, insurance companies can peek into your medical history and say no to coverage or charge higher premiums. You don’t have to worry about these concerns during open enrollment. You are guaranteed the right to buy any Medigap policy sold in your state, and the price you pay is just the standard rate, no matter your health status.

Signing up for a Medigap policy can get tricky and more expensive if you miss the open enrollment period. Sure, your Medicare Supplement agency in Chesterton, Indiana can still help you apply for Medigap coverage after this period, but there is no guarantee you will get the plan you want or avoid extra costs. That’s why jumping on this opportunity during open enrollment is so important — it’s a once-in-a-lifetime opportunity to lock in your healthcare coverage without your health history weighing in.

Looking for a Medicare Supplement Agency in Chesterton, Indiana?

The open enrollment period for Medicare Supplement insurance is a critical time frame that can affect how you will handle your healthcare costs and coverage when you are retired. Marking your calendar and staying informed about your specific enrollment dates can save you from any stress or money troubles down the road.

Are you looking for a reputable Medicare Supplement agency in Chesterton, Indiana that can guide you through the open enrollment process and help you find the right plan? If so, our agents at Senior Care Insurance Services (SCIS) would be happy to work with you. Contact us today to schedule a free consultation.