For employers with Medicare-eligible employees, there are many factors that add to the complexity of group health insurance and their coverage options. Haylor, Freyer & Coon Benefits Advisors help you select the best primary coverage for your employees, as well as help you explore affordable supplemental options such as prescription drug coverage or vision plans.
The best time to buy a Medicare policy is during open enrollment, which begins 3 months before the coverage holder turns 65. It’s better to start the process right away, so that coverage can begin by the 65th birthday. Enrollment ends 3 months after the 65th birthday.
If you miss your window of enrollment for Medicare, you can wait until the general open enrollment period to enroll, which is from January 1st to March 31st every year. Late enrollers are subject to premium penalties and medical underwriting, which means your health information may be used in making coverage decisions regarding premium amounts and policy rates.
During your open enrollment period, an insurance company must sell you a policy, and cannot deny or charge you more based on your health. After your enrollment period ends, policy rates and premiums depend on your health history and any preexisiting conditions. That’s why you should start the Medicare enrollment process as soon as you are eligible.