As with Medicare Parts A and B, there are certain times that are best for you to enroll in Medigap, otherwise known as Medicare supplemental policies. The best time to purchase a Medigap policy is during the open enrollment period. This is a six month period that occurs the month you turn 65 and are enrolled in Medicare Part B. If you choose to purchase a Medigap policy after this enrollment period, your options could be limited and may have to pay more for a policy. If you are under 65, there is no federal law that requires insurers to sell you a Medigap policy. Therefore, you may not be able to choose from all the different options or even purchase a plan at all. Additionally, if you are currently covered by your employer then you probably will want to hold off from buying a Medigap policy because your employer’s coverage will normally provide similar coverage. However, once you are no longer covered by your employer, you will have the option to enroll in part B and buy a Medigap policy without facing a late enrollment penalty.
Although the best time to enroll is during your open enrollment period, you can still enroll afterward if you miss it. However, there is no promise that an insurer will sell you a Medigap policy unless you fall under one of several categories.
The first category is if you are under 65 years old and are eligible for Medicare because of a disability or an End-Stage Renal Disease. The second is if you have health problems. Health insurance companies cannot refuse to cover you if you have health problems. However, when it comes to pre-existing conditions insurance companies can place you on a 6-month waiting period, where they refuse to pay your out-of-pocket costs for your pre-existing conditions up to 6 months. Although if you have a guaranteed issue right, which will be an upcoming post topic, the insurance company cannot enforce the 6-month waiting period.
If you would like to learn more, you can go to www.medicare.gov
If you have questions choosing a Medicare plan that offers the coverage you need, contact us at MedicareSolutions at 1-800-328-7305 where a licensed sales agent will immediately assist you.