January 1 marked the start of Medicare's General Enrollment Period. An important change can benefit seniors reports the American Association for Medicare Supplement Insurance (AAMSI). It's an opportunity for insurance agents to educate and assist their senior clients.
"The Medicare General Enrollment Period is the time during when seniors who did not sign-up for Medicare when first eligible have another opportunity to do so," explains Jesse Slome, director of AAMSI. "Seniors are far more familiar with Medicare's Annual Enrollment Period which ended December 7th but this is equally important for many."
Slome notes that millions of seniors did not sign up for Medicare when they first became eligible. "Many were still working and had coverage through an employer plan," the Medicare insurance expert explains. The Bureau of Labor Statistics (BLS) indicates that in 2020, 10.6 million people 65 and older were in the workforce.
"A significant new change will benefit those who do not sign-up for Medicare at age 65.," Slome explains. The changes were included in the Consolidated Appropriations Act of 2021 (CAA). On October 22, 2022 the Centers for Medicare & Medicaid Services (CMS) issued a final rule on these changes.
Starting in 2023, individuals who sign up for Medicare at any point during the General Enrollment Period will be covered under Medicare on the first day of the month after they sign up. Previously there could be as much as a 6-month lag when the individual might not have had coverage.
"The Medicare General Enrollment Period ends March 31," Slome notes. "Insurance agents and brokers should make their older clients aware of this little-known Medicare opportunity. There's so much focus on the December 7th deadline, few know of all the many opportunities Medicare provides. That's where a local agent can really separate themselves from the overwhelming onslaught of television ads."
The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions. To help consumers find local Medicare agents, AAMSI hosts a free online directory. Access it at https://medicaresupp.org/find-local-agent/
Jesse Slome is director of the American Association for Long-Term Care Insurance. He also directs the American Association for Medicare Supplement Insurance as well as the American Association for Critical Illness Insurance. To find Medicare insurance agents listed for your Zip Code utilize the organization's free online directory.