What may happen if you apply for a Medicare Supplement Plan after the Open Enrollment Period?

If you apply for a Medicare Supplement Plan after the Open Enrollment Period, you may be subject to medical underwriting. During the Open Enrollment Period, individuals can apply for a Medicare Supplement Plan without undergoing medical underwriting, which means they cannot be denied coverage based on their health status. However, once this period has ended, insurance companies may require medical underwriting, which involves evaluating your health history and current medical conditions to determine eligibility for coverage and potentially set premiums. This could lead to higher costs or even denial of coverage, depending on the insurer's policies and the applicant's health status.

The other choices do not accurately reflect the situation. Automatic approval for coverage does not happen outside the enrollment period. Costs can vary widely based on individual health circumstances and underwriting results. Special enrollment periods are generally tied to specific qualifying events, such as moving or losing other insurance, rather than simply being outside the Open Enrollment Period for Medicare Supplement Plans.