The question is can you buy a Medicare supplement policy at anytime? The answer is yes! But there is a catch. Most states require medical underwriting to change plans if you have already been enrolled in Medicare 6 months after your birthday month. That is your initial enrollment period or IEP. When you first turn 65 and know you are going to enroll in Medicare Part A and B it is not a good idea to wait until after your birthday month to enroll in a Medicare supplement. Why? Medicare Part B only pays for 80% of your coverage. What happens if you don’t have a supplement plan in place from a private insurance carrier? If you need treatment you pay the 20%! Make sure your Medicare Supplement policy lines up to your Medicare effective dates. They will be the first day of your birthday month.
Can I change my plan?
The annual election period (AEP) starts 10/7 and runs until 12/15. During that time you can make changes to your Medicare Advantage Plan and your Part D RX plans. Most people think that in fact that is their renewal for their Medicare supplement. That is NOT true. This often gets confused. Your supplement renewal is when you obtained the policy. So if you purchased your plan in June your renewal would be the following year in June. Also you can change your supplement policy 365 days a year if you wanted to. We would not advise that but as long as you can pass underwriting and are healthy enough you can change Medicare supplement carrier and plans.