You probably know the benefits of Medicare supplement insurance, which help fill the gaps in Medicare coverage. Even though you’re still working and may not see a need for Medigap insurance now, you need to be aware of your Medigap Open Enrollment Period.
During your Medicare Open Enrollment Period—a one-time opportunity that starts the first month you’re 65 and enrolled in Medicare Part B—there are no medical underwriting considerations and you’re able to enroll in any Medicare supplement plan available in your state. Although you’ll still be able to apply for Medigap coverage if you enroll in Medicare after age 65, you won’t have another Medigap Open Enrollment opportunity. If you apply for a Medigap plan at any time after your Medigap Open Enrollment Period ends, medical underwriting will apply and you may not qualify for the plan you want. In order to apply for Medigap coverage, you must be enrolled in Original Medicare (Medicare Part A and Medicare Part B), and unless you enroll in Original Medicare during your Medicare Initial Enrollment Period, you won’t have the benefit of Medigap Open Enrollment.
Being adequately covered for the short term isn’t an acceptable substitute for looking out for your long-term interests. You may be working now, but you’ve got to prepare for the day you’re no longer working. Will your employer remain on your side? Your employer’s health benefits may continue to serve you well in the future, but unless you’ve got a compelling reason not to enroll in Medicare at age 65, do you really want to gamble over the long term? If you look at the big picture, enrolling in Medicare seems to be the best option for most 65-year-olds still in the workforce.
Medicare can go a long way toward helping you maintain your good health—if you have the experience and knowledge to take advantage of it. If you have questions about senior healthcare including Original Medicare (Medicare Part A and Part B), Medicare supplement plans, or Medicare Advantage, contact MedicareMall now and let us save you money and lead you with confidence through the Medicare maze!
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Should I Go on Medicare if I’m Still Working at 65?© 2013 MedicareMall.com