What are SEPs? Do I need one?
I have been getting this question a lot lately. What is a SEP? SEP stands for Special Election Period. This is a time frame that Federal and/or State Governments allow individuals and or families to enroll into a Health plan or new health plans based on what’s happening with them.
There over a dozen of different SEPs to work with in the Health and Medicare insurance industry. They could be related to something as simple as moving into a new plan in area, or losing an existing or gaining a job or position, They could be related to attaining or losing a attained age. It could be related to special dates like your birthday or having their plan cancel doing business in an already existing area. These opportunities are there to help members to enroll into major medical coverage without having to wait for open or annual enrollment period.
Working with the correct SEP can help people get themselves and their families the Health and Medicare plans that they need to maintain a quality of life. It can provide the new or disenfranchised a chance to get the major medical health plans that they both want and need. By using the correct SEP correctly, they could save thousands of dollars that may not be available to them.
There are over 15 different and separate SEPs in Medicare Advantage plans, Part D Plans, and Medicare supplements. There are almost as many SEPs available when you’re working with the affordable health care or ACA. This can give you additional options and services that you may have never know about them.
The number most important thing about SEPs is you. Everyone needs a major medical plan for themselves and or their spouse or family. Just one 4 day visit to a hospital for an emergency and put someone’s financial footing on shaky ground with medical bills reaching 6 figures. Medical cost are the number cause of bankruptcy in our nation. Can you imagine working all your life and run into that accident without being prepared, a complete life savings can be completely wiped out in the matter of weeks or days. The end game could be horrible.
There are SEPs in both Medicare and the ACA. If you don’t need one, that’s good. If you might need one, it could even be better. Keep the questions coming.