Medicare special election periods 2020
If you are either new to Medicare sales or have been selling for awhile, you need to be aware of the many different Medicare special election periods 2020 (SEPs). There are very specific rules about when someone qualifies for a SEP and what changes can be made.
Most Medicare enrollees are only able to join or switch Part D or MA plans during the (AEP) Annual Enrollment Period which runs from Oct. 15 through Dec. 7. The only way to enrollees can change plans is if they qualify for an (SEP) Special Election Period.
If you qualify for a SEP, you can make changes to either your Medicare Advantage or Medicare prescription drug plan.
To qualify for a SEP, certain changes in your life must occur such as; you move or lose other insurance coverage. There are other ways to qualify for a SEP which we will list below.
Special Enrollment Period
You probably don’t have to enroll in Medicare as long as you’re not receiving Social Security and either you or you and your spouse are covered under a qualified group health plan. When you or your spouse separate from your employer, you are eligible for a Medicare special enrollment period. This 8-month period begins the month after your employment ends or the month after the group health insurance based on your current employment ends, whichever comes first. You will not pay a late enrollment penalty if you meet the qualifications for signing up during the special enrollment period.
Beware—If you signed up for COBRA, you are not eligible for the special enrollment period. You should sign up when you separated from your employer.
Medicare Special Election Periods 2020 – Other types
There are other types of special enrollment periods where you can make changes to your policy.
If you move to an area that isn’t in your plan’s service area, tell your plan before you move. A special enrollment period starts 1 month before you move and ends 2 full months after you move. During that time you can change your coverage.
If you moved back to the United States after living outside the country, you can enroll in a Medicare Advantage Plan or Medicare prescription drug plan for 2 full months after the month you return.
If you’re no longer eligible for Medicaid you can join a Medicare Advantage plan or prescription drug plan, drop your Medicare Advantage plan and return to original Medicare, or drop your Medicare prescription drug coverage for 2 full months after the month you learn that you’re no longer eligible for Medicaid.
There are other circumstances where a special enrollment period may apply.