Are you aware that the first 6 months of your Medigap entitlement could be the most important?
-Medigap, also called Medicare Supplement Insurance, is designed to cover the uncovered areas left by Medicare. Generally, Medicare pays 80% of Medicare-approved medical services. A Medicare supplement helps maintain the remaining 20%.
Eligibility for Medigap or your open period for Medigap registration is if you buy additional Medicare insurance without medical underwriting. It lasts for 6 months and starts on the first day of the month you turn 65 and is enrolled in Medicare Part B.
Late Medicare Part B because you have employer coverage?
If you have delayed enrolling in Medicare Part B because you had other credible insurance cover, or you are still insured under your employer plan or your spouse’s plan, then, your Open Enrollment Period will commence from the beginning of your Medicare Part B benefits. The effective dates of your coverage will be listed on your Medicare card.
Insurance companies cannot use medical insurance during this open enrollment period,. That means they cannot:
- Refuse to sell you Medigap plan
- Charge more for a Medigap policy than someone who has no health problems
- Wait for the start of coverage (no waiting time for existing conditions)
At the end of this six-month open registration period, insurance companies can charge you more or refuse insurance cover.
Why compare Medicare Supplement offers from different insurance companies?
- The plans of Medicare are standardized by the Federal government and they all provide the same features. The only variation is the price and the name of the carrier.
- Insurance premiums can be very different between carriers. In the Indiana market, there is a difference of up to $ 35 in the monthly premium you pay to one carrier over another for Medicare Plan F. that’s $ 420 more per year for the same benefits!
- It’s easy! Many local, independent insurance agents have the right to sell with any insurer offering Medicare supplements in their locality. They can do the shopping for you, so you do not have to call each carrier individually.
Independent agents also have the opportunity to provide you with information on past premium increases, rating/strength of various insurance carriers, and personal experiences with various insurance companies.
Your Medigap Open Enrollment period is the best time to buy a Medicare supplement plan. This time varies from one person to another person. It lasts for 6 months and commences on the day your Medicare Part B begins. This is usually your 65th birthday.
It is important that you buy Medicare supplement insurance plan during this period. This period guarantees that the insurance firms will not refuse you for habits such as smoking and any current health conditions. Companies also will not charge you a higher cost than would normally be paid by individuals over the age of 65 or to purchase their Medicare supplement plan outside their open period for the Medigap Open Enrollment Fee.