What if I do not choose the right coverage?

Many people decide to either purchase a Medicare supplement insurance plan in addition to Medicare Part A and Part B or to enroll in a Medicare Advantage plan.

Medicare supplement insurance plans are required to accept people who are in their Initial Enrollment period that lasts for 7 months (3 months prior to your 65th birthday, your birthday month, and 3 months after the month you turn 65). After that, you may be denied coverage due to health conditions, unless you have a qualifying status change.

Medicare Advantage plans, on the other hand, are required to accept anyone in their Initial Enrollment Period and anyone who applies during the Annual Enrollment Period from October 15 to December 7 of each year.

There are also Special Election Periods, SEPs, that may allow you to join a plan outside of your Initial Enrollment Period and the Annual Enrollment Period. Certain qualifying events include:

  • Retiring and losing employer coverage past the age of 65
  • Moving counties/states
  • Moving into or out of an institution (like a skilling nursing facility or long-term care
  • hospital)
  • If you are no longer eligible for Medicaid or become eligible for Medicaid
  • If you have a severe or disabling condition and there is a Medicare Chronic
  • Care Special Needs Plan (SNP) available that serves people with your condition
  • If you qualify for Extra Help paying for Medicare prescription drug coverage

You cannot always change your coverage, so it is important to be confident in your choice. Doing research up front and understanding your plan are excellent ways to help ensure the coverage you choose is right for you.