What are SEPs? I need one?
I’ve been getting this question a lot lately. What is an MS? SEP stands for Special Election Period. This is a time frame in which the federal and/or state governments allow individuals or families to enroll in a health plan or new health plans based on what happens with them.
There are over a dozen different SEPs to work with in the Medicare and Health insurance industry. They could be related to something as simple as moving to a new plan in the area, or losing or getting an existing job or position. They could be related to reaching or losing a reached age. It could be related to special dates such as your birthday or the cancellation of your plan to do business in an existing area. These opportunities are there to help members enroll in major medical coverage without having to wait for the annual or open enrollment period.
Working with the right MS can help people get themselves and their families the health plans and Medicare they need to maintain a quality of life. You can give those who are new or disenfranchised the opportunity to get the major medical health plans they want and need. By correctly using the correct SEP, they could save thousands of dollars that may not be available to them.
There are more than 15 different and separate SEPs in Medicare Advantage Plans, Part D Plans, and Medicare Supplements. There are almost as many SEPs available when you work with affordable health care or the ACA. This can give you additional options and services that you may never have known about.
The most important thing about SEPs is you. Everyone needs a major health plan for themselves or their spouse or family. Just a 4 day visit to a hospital for an emergency and it put someone’s financial footing on shaky ground with medical bills running into the 6 figures. Medical costs are the number one cause of bankruptcy in our nation. Can you imagine working all your life and you find yourself with that accident without being prepared? A lifetime’s savings can be completely gone in a matter of weeks or days. The final game could be horrible.
There is MS in both Medicare and the ACA. If you don’t need one, that’s fine. If you might need one, it might even be better. The questions keep coming.