If you’ve become or are soon going to become eligible for Medicare, you likely have a lot of questions and concerns weighing heavily on you. We completely understand. Signing up for health care is always a daunting task, no matter what age you are. Obtaining Medicare can even more complicated thanks to all of the details involved. One of the most common questions people ask when it comes to Medicare coverage is exactly when is the best time to get it. This article is devoted to answering that question and more once and for all.
What If I Decide to Buy After Open Enrollment?
We’d like to clear up this question first because its consequences are the most severe. By waiting until the end of open enrollment to purchase basic Medicare or Medicare supplement insurance, you put yourself at the mercy of your chosen provider in ways that will not benefit you. More specifically, Medicare providers can charge you much higher rates than average because you’re obtaining Medicare later than the designated registration window, or even outright bar you from purchasing Medicare coverage from them. The only situations capable of rendering you exempt from this treatment are the right to guaranteed issue, having a disability (regardless of age), an outside insurance plan or health issues that have existed prior to you applying for Medicare.
What If I Buy Within the Open Enrollment Period?
The open enrollment period allows you the most flexibility when it comes to purchasing the best plan for your needs. There is very little risk of unfairness in terms of pricing, as your rates will be just the same as anyone’s regardless of your current health status. If you find enrollment is still open, now is the best time to start researching Medicare supplement insurance to make sure all of your bases are covered.
Your situation may be slightly different based upon other factors, such as whether you already have health insurance from your place of work or your current age. If the former is the case for you, certain supplements may prove redundant, such as Part B. While other plans, most notably Medigap Plan J, would serve well for someone still involved in the workforce. We advise you to consult a professional about your options before making your purchase. If you aren’t yet 65, you will find that many supplemental coverages are not yet available to you depending on your home state.
Can I Buy as Soon as I Turn 65?
In short, yes! Being 65+ also makes it much easier for you to obtain Medicare, especially if you purchase it within six months of your 65th birthday. Again, you have your choice of any Medicare plan you would need, no questions asked—whether it’s Medigap Plan C, Plan J or any of the others.
Regardless of when you decide to purchase a Medicare plan, we’re here to help you. Contact us and we can help you get started on the right foot!