For Medicare Parts A & B, the “initial enrollment” period will last for 7 months. This window will start three months before the month you become eligible for Medicare (which is your 65th birthday if that is the reason you are becoming eligible in the first place) and ends three months after the month you become eligible for Medicare. Simply let us help you choose the best Texas Medicare Supplement policy for your needs during this time and you can avoid medical underwriting altogether.
With a doubt, the optimal time to enroll in a Medicare Supplement plan is during the Medigap Open Enrollment Period that automatically begins the 1st day of the month that you become age 65 or older and are simultaneously enrolled in Medicare Part B. This window will only last for 6 months and if you let it pass you by, you cannot obtain it again. This window of time grants you rights to have your medicare supplement plan issued on a “guaranteed-issue” basis. This simply means you can purchase any Medigap plan you like and the insurance carriers cannot decline you based on pre-existing health conditions if you purchase a Texas Medicare Supplement policy during the Medigap Open Enrollment period.
Once this time is over, you could face more issues while attempting to initially purchase your Medicare Supplement policy or if you decide you want to switch plans. The insurance carriers can require medical underwriting which could result in your being rejected based on medical history. If we are able to find you a suitable Medigap plan, odds are that the insurance companies may charge you a higher premium, especially if you have a pre-existing condition(s).
After you receive confirmation that you are enrolled in a Medicare Supplement plan in Texas, the policy will generally be renewable, on a guaranteed basis, contingent upon your paying the premiums in a timely manner. In other words, the insurance carrier cannot cancel the policy if you develop any health conditions. Now, if you choose to cancel the policy, understand that you may face difficulty getting back on the same plan or enrolling in a different carrier’s plan. There are exceptions, so if you are in this situation, please contact us and we may be able to reinstate your guaranteed issue provision.