Underwriting is the process assessing risk of issuing insurance. Undewriters evaluate applications,
Each fall, you may notice more people talking about Medicare. This buzz is because the start of the Annual Enrollment Period, Medicare’s biggest season, begins on October 15th. In most cases, this is the only time of year that you can make changes to Medicare Advantage plans or Medicare Part D plans.
What is the Annual Enrollment Period?
The Annual Enrollment Period, sometimes known as Medicare Open Enrollment or Annual Election Period, starts October 15th and ends on December 7th. If you have a Medicare Advantage plan, this is usually the only time of year that you can leave your plan to enroll in Original Medicare. Exceptions to this rule are not common but include circumstances such as if you lose your coverage because you move out of your carrier’s service area.
This period is also crucial if you already have a Medicare Supplement because it is the only time when you can make changes to your Part D prescription drug plan.
How Do I Drop My Medicare Advantage Plan During the Annual Enrollment Period?
Dropping your Medicare Advantage plan during the Annual Enrollment Period is simple. You can contact your carrier directly by phone to disenroll or call Medicare at 1 (800) MEDICARE. Your last day of coverage with your carrier will be December 31st.
How Do I Change My Medicare Part D Drug Plan During the Annual Enrollment Period?
Even if your medications haven’t changed, you should shop your Medicare Part D plan every year because your current provider may make updates to your plan that will cost you more money. Fortunately, reviewing your options and changing your plan is a simple process.
You can shop for Part D plans online. Keep in mind that 2019 Part D costs vary from plan to plan. Some plans offer minimal coverage, with a lower premium, while other plans may provide a higher level coverage for a higher premium. To ensure that you find the plan that will offer you the best savings, make sure you enter any medications that you take, and select your preferred pharmacy.
How Do I Get a Medicare Supplement Plan During the Annual Election Period?
In order to get a Medicare Supplement Plan during the Annual Election Period, you will need to apply for coverage. You can do so by calling us at 1 (800) 310-2550. One of our experts will help you review your options, and apply with the carrier of your choosing.
You may need to answer some medical questions when you apply for a Medicare Supplement. Medical underwriting is a process that insurance carriers use to determine if they will accept your application. Depending on the state you live in, like New York, you may not have to answer any medical questions. You may also avoid this process if you are in a Special Election Period, for instance, if you lost health coverage recently, or if you are within six months of beginning Medicare.
It’s important to note that if you currently have a Medicare Supplement plan, you do not need to wait until the Annual Election Period to change your coverage. However, if you have a Medicare Advantage plan, you’ll want to apply for a Medicare Supplement as soon as the Annual Election Period begins so that you don’t have any gaps in your coverage. By applying early, you’ll ensure that you have proper health insurance lined up for when your Medicare Advantage coverage ends.