In order to purchase Medicare Supplement (Medigap) Insurance, you need to be enrolled in Original Medicare.
The Original Medicare parts you need to sign-up for are Medicare A (Hospital) and Medicare B (Medical) insurance.
Medicare Supplement Plans are described by letters and are standardized. That means that each plan’s benefits are the same for a plan, regardless of which company you buy it from.
The Premium for a plan depends on which insurance company you purchase that plan from.
The Medicare Supplement Open Enrollment Period
The best time to purchase a Medicare Supplement Plan is during your Medicare Supplement Open Enrollment Period.
During this time period, your monthly premium will be lower and you’ll have more plans to choose from.
The Medigap Open Enrollment Period includes the month you turn 65 and 5 months after. You also have a Guaranteed Issue Period when you leave your Employer insurance and during other specific situations.
During this time an insurance company can’t review your Medical history. and use it to deny your application.
After your Medigap Open Enrollment Period, an insurance company can deny your coverage due to a pre-existing health condition.
Finally, if you have “creditable coverage” and are purchasing a new Medigap plan to replace one you have, the company can’t avoid or shorten the time you have to wait.
Applying outside of the Medigap Open Enrollment Period
You may be charged a higher rate for a plan you purchase.
In addition, you may have fewer plans to choose from.
How Free Medicare Supplement Quotes Save You Money
