When Should I Enroll In Medigap?
When To Apply For Medigap Coverage In Your Area
When Should I Enroll In Medigap?
You may be wondering, “When is the best time to enroll in Medigap?” The best time to apply for a Medicare supplement plan would be during the Medigap initial enrollment period. Your Medigap open enrollment period is the window when you can enroll for Medicare coverage, a Medicare Supplement plan (or Medicare Advantage Plan), or a Medigap plan.This window runs for six months from the effective date of your Medicare Part B, or when you turn 65, whichever is later.
During this window or Medigap open enrollment period, the insurance company cannot deny you coverage for any health reason, nor can they raise their rates just on you due to any health conditions or your health status.
Some people choose to delay their enrollment into Medicare coverage or a Medicare Advantage Plan because they have other creditable coverage such as employer group health insurance. For these individuals, their 6-month Medigap open enrollment period will begin later one whenever they enroll in Part B, which is usually when they retire.
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When you purchase supplemental coverage from a Medigap insurance company, your Medigap plan may also come with some very attractive features like no networks, low deductibles, and the freedom to access any provider that accepts Medicare coverage. No referrals, no paperwork from one provider to the next.
A Medicare Supplement plan or Medigap plan can also offer predictable and comprehensive coverage. Another major difference between MA-PD and Medigap plans is that your Medigap plan doesn’t change year to year and there are no yearly maximum out of pocket costs for the health portion. Pretty good, right?
When you buy a Medigap policy, your Medigap plan is also guaranteed renewable — which means the insurance company cannot raise your rates or drop your Medicare coverage or Medigap plan should any health conditions develop.
For a Medicare Supplement Plan you are subject to underwriting if you are outside your open enrollment period. This means you can be denied coverage based on health history. When you enroll in Medicare its best to think about medical underwriting and how that might effect you as a Medicare Beneficiaries.
Medigap Supplement Plans or a Medigap policy are perfect for those who travel frequently or embrace the “Snowbird” lifestyle. It’s also well suited for those who have serious health conditions or those who have a lot of medical usage. Based on these benefits, if you buy a Medigap policy, it sounds like the way to go, right?
Well, before you enroll in Medigap, there are also some things to consider:
One of the down sides of having such great coverage with a Medigap plan, or even a Medicare supplement plan, is that you’ll pay more for it. Premiums are usually much higher than a Medicare Advantage plan because of its extensive coverage. Your Medigap policy does not come with drug coverage (Part D); they are purchased separately, called a “standalone Part D plan”.
They go alongside your Original Medicare, and gives you an opportunity to best select your plan based on your medication needs. However, If you like the convenience of presenting only one card at your pharmacy, then a Medicare Advantage plan may be best for you.
Every year Medicare raises the deductibles and co-pays for which you are responsible for. Your Medicare Advantage Plan, Medicare Supplement, or Medigap policy will help to pay for these things for you, and the cost of healthcare also experiences inflation like everything else, so it’s customary for Medigap plans to experience rate increases from year to year.
With most carriers, this rate will occur once a year on your policy anniversary, and depending on when it happens is where one of our expert agents comes in. We will compare your Medigap policy to see if other Medigap insurers offer the same Medigap plans for less.
If you’re ready to enroll in a medicare plan, or add a Medicare Supplement plan during the initial enrollment period for Original Medicare, give us a call. Whether you have an Original Medicare policy, are looking to add a Medicare supplement or Medigap policy to your Original Medicare plan, we are happy to help.
We understand the ins and out of Medicare, Medicare Advantage plans, Medicare Supplement Plans, Medicare Prescription drug coverage rules, and more. We’re able to determine whether you need supplemental insurance, or if your Original medicare policy is sufficient. We walk you through the entire process of how to enroll in a Medicare plan, determine whether your health status needs prescription drug coverage or Medicare supplement plans or a Medigap policy.
Your health is important to us and we are here to help you enroll in a medicare plan, medigap policy, or simply provide more knowledge about the Medicare world. Contact Evan Tunis at (954) 282-6891 today for more information.
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