Medicare Supplement insurance plans (or Medigap) are voluntary, additional coverage that helps fills the gaps in coverage for Original Medicare. The best time to enroll in a Medicare Supplement insurance plan is during your individual Medigap Open Enrollment Period, which is the six-month period that begins on the first day of the month you turn 65 and have Medicare Part B active. If you decide to delay your enrollment in Medicare Part B for certain reasons such as having health coverage based on current employment, your Medigap Open Enrollment Period will not begin until you sign up for Part B.
During your Medigap Open Enrollment Period, you have a “guaranteed-issue right” to buy any Medigap plan sold in your state, no questions asked, ok, just a few because they need to know who you are and a few other details. However, insurance companies cannot reject your application for a Medicare Supplement insurance plan based on pre-existing health conditions or disabilities. They also cannot charge you a higher premium based on your health status. Outside of this open enrollment period, you may not be able to join any Medigap plan you want, and insurers can require you to undergo medical underwriting. You may have to pay more if you have health problems or disabilities or may not even qualify for a Medicare supplement plan at all. Therefore we suggest that you make your decision based on a long-term thought process, the plan that may be the lowest cost today, might not be the best plan for the long run.
Medigap plans, like Medicare Advantage plans, are offered through private insurance companies, and are available for purchase through brokers like us here at Beacon Point.
Do you have more questions? Connect with any of our licensed insurance agents to discuss a Medicare plan that may be right for you.