Recently I was referred a client who has been on Medicare Part A and Part B only, along with a Part D drug plan. Because she felt that she was healthy and didn’t need any further coverage, she didn’t look into other options. Unfortunately “life happened” and she has incurred significant expenses to cover the gaps not covered by Medicare under Part A – hospitalization.
Typically when an individual wants to make a change, they need to wait until Annual Enrollment (October 15-December 7) each year. However, one option is for her to be on a Medicare supplement/medigap (defined by Medicare; offered by insurance companies) which is available outside of Annual Enrollment — provided she can meet the health underwriting requirements of the Medicare supplement/medigap carrier.
No one wants to think that “life might happen”; however, it can. It is important for people to make sure they are prepared for those unplanned medical events might happen.