Not all seniors are aware they have Guaranteed Issue Rights for personal insurance. The Federal Government requires that insurance companies provide certain supplemental insurance coverage regardless of pre-existing conditions and will not allow insurance providers to charge more because of past or current medical problems. However, there is a very limited time to act or you risk losing coverage.
Medicare’s Initial Enrollment Period (IEP) is an essential part of starting your Medicare coverage. Whether you plan to retire at 65 or not, it’s important to know about IEP to set yourself up for success in the future.
Getting started with your Medicare coverage can feel overwhelming. But United Medicare Advisors are here to help! We’ve got plenty of resources to help you get up to speed on your options.
Before you sign up, make sure you don’t overpay for your policy. We’ve got a dedicated team of advisors to help you through the process and get the coverage you need at the best possible price.
I’m retiring at age 65 and will need to enroll in Medicare.
If you’re retiring at age 65, the process of starting Medicare coverage is pretty straightforward. Most will automatically receive Original Medicare (Part A and Part B) during the Initial Enrollment Period (IEP) when turning 65. If not, IEP is the time to ensure you’re enrolled. You’ll know you’re automatically enrolled if you receive your Medicare card in the mail sometime before your 65th birthday.
You can also purchase a Medicare Supplement plan to get additional coverage not offered by Original Medicare during the Medigap Open Enrollment Period. This period allows you to enroll in a Medicare Supplement plan without answering questions about your health that may increase the cost of your policy.
I’m over 65 and retiring. I am currently covered under my employer’s insurance and I already have Medicare Part A.
If you’ve kept your employer insurance until you’ve decided to retire, you may use a Medicare Guaranteed Issue (GI) Right when enrolling in Part B and/or a Medicare Supplement plan. The GI Right states that you are guaranteed access to a Medicare Supplement plan without answering health questions since your employer insurance coverage is ending upon retirement.
Most people who are still covered under their employer’s insurance at age 65 chose to only accept Part A when they become Medicare eligible since it typically comes free of charge. Since Part B has a monthly cost and often duplicates employer coverage, many choose to delay Part B enrollment until their employer insurance ends.
I need help understanding Medicare.
Regardless of your situation, our advisors are here to help. We know that understanding Medicare’s enrollment periods, GI Rights, rules, policies, and exceptions can be confusing and frustrating. Our team of experts are ready to answer your questions and provide unbiased, value-driven advice. We’d love to be your go-to resource when starting your Medicare journey.
Reference link to Medicare.gov for guaranteed issue rights: https://www.medicare.gov/supplement-other-insurance/when-can-i-buy-medigap/guaranteed-issue-rights-scenarios.html