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 Should I Enroll In Medigap?” The best time to apply for a Medicare supplement is during your open enrollment window. 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, 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.

Some people choose to delay their enrollment into Medicare because they have other creditable coverage such as employer group health insurance. For these individuals, their 6-month Medigap open enrollment window will begin later one whenever they enroll in Part B, which is usually when they retire.

Seniors Wondering When Should I Enroll In Medigap

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Medigap plans also come with some very attractive features like no networks, low deductibles, and the freedom to access any provider that accepts Medicare. No referrals, no paperwork from one provider to the next. They offer predictable and comprehensive coverage. Another major difference between MA-PD and Medigap plans is that Medigap plans don’t change year to year and there are no yearly maximum out of pocket costs for the health portion. Pretty good, right? 

Medigap plans are also guaranteed renewable — which means the insurance company cannot raise your rates or drop your coverage should any health conditions develop.These plans 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, Medigap 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 is that you’ll pay more for it. Premiums are usually much higher than Medicare Advantage plans because of its extensive coverage. Medigap plans also don’t come with drug coverage (Part D); they are purchased separately, called a “standalone Part D plan”. They go alongside your medical plan, 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 Medicare Advantage plans may be best for you.

Every year Medicare raises the deductibles and co-pays for which you are responsible for. Your medical plans help to pay for these things for you, and the cost of healthcare also experiences inflation like everything else, so it’s customary for Meidgap 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 policy to see if other carriers offer the same plan for less.

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