Special Enrollment vs. Open Enrollment: What to Know

Special Enrollment vs. Open Enrollment: What to Know

There are a few weeks to a few months in a year where Medicare sets an open enrollment. The open enrollment allows employees to make changes to their Medicare insurance policies, including their health insurance, life insurance, or vision and dental care.

The Importance of Open Enrollment

With Medicare, electing certain types of benefits during the annual enrollment means you will be bound to those benefits for the entire year. You can only make changes if you meet the criteria for exceptions.

To elaborate, let us take Person A’s enrollment to a health plan for this year. With the chosen policy, a payment of $100 is required to be made every other week. Person A may be able to afford the said premium during the first few months after enrollment. However, a major life-turning event may have happened mid-year, which revokes the financial security they once enjoyed. They may not be able to afford the premium amount anymore.

If Person A experienced major qualifying events, making changes to his Medicare insurance services in North Carolina during the special enrollment should be possible.

Major Qualifying Events

No matter how life-changing an event can be, there are only a few events that allow you to be qualified to participate in the special enrollment. These special events include:

  • Marriage
  • Birth
  • Adoption
  • Death
  • Divorce

If the event is none of the listed ones above, then you won’t be able to make changes to your plan anytime soon. You will have to wait until the next open enrollment period (OEP) to do so.

Exemplar Insurance Associates, Inc. and our national insurance associates in High Point, North Carolina are excited to see you enroll in Medicare. Give us a call if you need help.

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