When you are entitled to a Medicare supplement issue guarantee, an insurance company has to sell you a policy. They have to cover all pre-existing conditions and cannot charge more due to any health problems you may have. When you first enroll in Medicare, it is called the “Open Enrollment Period.” This lasts for six months, starting on the first day of the month you turn 65 and sign up for Medicare Part B. During this period, you can get a Medicare supplement policy with no health questions.
How do you qualify for “Warranty Issue”?
You can get a Medicare supplement with “warranty issue” if you meet certain criteria:
1. You are in a Medicare Advantage plan leaving your area or moving out of your service area.
2. You have group Medicare and terminating employer coverage. Coverage may end for various reasons, including retirement, cancellation of benefits by the company, etc.
3. You have a Medicare Select policy and you are moving out of your service area.
4. When you turned 65, you signed up for a Medicare Advantage plan and decided you wanted to switch to Original Medicare for the first year.
5. You had a Medicare supplement policy and decided to drop it to join a Medicare Select or Medicare Advantage plan for the first time, and then decided you didn’t like it within a year, you can switch back. The first year in an Advantage Plan or Select Plan is a trial period.
6. You have a supplemental policy and your business files for bankruptcy.
7. You leave a Medicare Advantage plan because the Advantage plan did not follow the rules.
The rules for qualifying for a warranty issue policy can be confusing. It is best to consult with a professional specialized in the area.