Deciphering the differences between Open Enrollment, Guaranteed Issue, and underwriting can be challenging. However, we’re here to simplify the complexities of Medicare.
There are some significant differences between Open Enrollment and Guaranteed Issue rights.
Are you new to Medicare? Maybe you’re Losing coverage?
Depending on what’s happening, you could be eligible for Open Enrollment and Guaranteed Issue rights.
Below we discuss the differences and similarities you need to know.
Medicare Supplement Open Enrollment vs. Guaranteed Issue
Did you become eligible for Medicare recently? Are you about to become Medicare eligible? Maybe you’re turning 65 soon, or you just turned 65?
Well, if you answer “YES” to any of these questions, you’re eligible for Medicare Supplement Open Enrollment Period. Now, here is where is it can get confusing; you qualify for Guaranteed Issue rights during the Open Enrollment Period.
What does this mean for your application? Well, you avoid underwriting questions!
So, that upcoming surgery, no problem! The heart condition, you’re still going to see policy approval.
The Medigap Open Enrollment Period is your ONE chance at an excellent policy without risk for denial. Each person is eligible once Part B becomes active, and you’re 65 years old.
Now, you CAN be eligible for Guaranteed Issue rights outside of the Open Enrollment Period. However, you always want to use Open Enrollment rights when you can!
There are instances where you only qualify for Guaranteed Issue Rights. Did you recently lose coverage? Are you unhappy with your Medicare Advantage trial?
You might qualify for Guaranteed Issue rights if you answer “YES” to any of these questions.
Medicare Supplement Open Enrollment Plan Options
Do you have any pre-existing conditions? If “YES,” you need to look at Medigap plans as soon as you get Part B and turn 65.
DO NOT delay, because depending on how extensive your health issues are, you might not qualify for coverage outside this enrollment period.
During Open Enrollment, there are few limitations on the plans you can select.
Those that qualify for Medicare in 2020 have access to Medigap High Deductible Plan G.
Take a look at your Part B effective date on your red, white, and blue card to determine your plan options.
Some people become eligible for Medicare before turning 65, such as those on disability or with End-Stage Renal Disease. For these people, you MAY have two Medicare Supplement Open Enrollment Periods.
Some states require insurance companies to offer Medigap to beneficiaries under 65; however, most times, the cost is outrageous.
So, when you turn 65, you’ll get another opportunity to use Medigap Open Enrollment right. Check the rates in your area to determine the best option for you.
Guarantee Issue Plan Options
When you lose coverage or move out of your service area, you’ll need proof of these changes. Once you have documentation, you can start shopping plan options.
With Guaranteed Issue rights, you have limitations on which policies are available. For example, if you’re newly eligible, you can only enroll in Plan G, D, B, or A without underwriting requirements.
However, those on Medicare before 2020 can only choose Plan A, B, C, or F with no underwriting questions.
Your situation determines the length of time you have to enroll; you could have 63-days or as much as an extra 12 months under certain circumstances.
As long as you enroll in a policy before time expires, you can choose Medigap without worrying about medical underwriting.
Are you about to move or lose coverage? Give our agents a call to discover your plan options.
Supplement Without Guaranteed Issue and No Open Enrollment
Currently, only four states have regulations to require Medigap insurers to sell policies to those over 65 either continuously or for a least one month during the year; including Maine, New York, Massachusetts, and Connecticut.
Without a Guaranteed Issue or Open Enrollment right, you may be subject to underwriting. Many people with health issues still get policy approval.
Although going through medical underwriting can be a hassle. Also, some companies are more lenient than others.
Some of the application questions ask if you EVER dealt with a health issue, while others ask about the last couple of years.
Minor health issues may not be an issue with most companies. Significant health issues could result in immediate denial.
Most basic underwriting information is available to agents; so, an agent can determine the company most likely to approve your application.
Working with an agent when you’re going through underwriting will give you a serious advantage. Give one of our trusted agents a call at the number above.
Qualifying for both Guaranteed Issue Rights and Open Enrollment
In cases where both Guaranteed Issue and Open Enrollment rights apply, you’ll want to use Open Enrollment for your application.
The reason for this is because Guaranteed Issue limits your choice of plan options.
Would you rather have access to ten plans or four? Exactly, that’s why we recommend choosing Medigap as soon as you turn 65.
Although, if you’re much older than 65, it’s likely we can still help you find a good supplement. No matter your situation, our agents help people just like you every day.
Get Help Finding a Medicare Supplement Plan
Do you believe you’re eligible for an enrollment period? Is there confusion about which plans will have Guaranteed Issue rights in 2020?
When you work with us, we compare the top plans in your area and help you determine the most suitable option for you. We walk you through the enrollment process, and we’re here for you long after your policy application.
Navigating the trenches of Medicare is challenging, you deserve to have an agent in your corner! Give our agents a call at the number above to find out about your eligibility.
Our agents work with some of the Top Medigap Carriers nationwide, working with us is a one-stop-shop.
Can’t call right now? Fill out an online rate comparison form, and an agent will contact you about your options.