Medicare Supplement Insurance (Medigap) is a type of insurance policy that can only be purchased by members of Original Medicare. These plans exist to fill the gaps that are left in Original Medicare by paying some or all of the out-of-pocket costs associated with using your benefits. If this sounds interesting to you, you may be wondering when you can enroll in a Medicare Supplement Insurance Plan.
Here’s everything you need to know.
What Is Medicare Supplement Insurance?
Medicare Supplement Insurance policies are a type of insurance that can be used by Original Medicare beneficiaries to lower their out-of-pocket costs. The plans are sold by private insurance companies that have been approved by the Medicare program. There are currently ten plans available, each with different benefits and coverage. Regardless of which plan you choose, expect to get some help paying for deductibles, coinsurance, copayments, and excess charges.
When Can You Enroll In a Medicare Supplement Plan?
If you are enrolled in Original Medicare, you can enroll in a Medicare Supplement Insurance plan at any time. You don’t need to wait for an enrollment period.
When Should You Enroll In a Medicare Supplement Plan?
The best time to enroll in a Medicare Supplement plan is during the Medigap Open Enrollment Period. This period begins as soon as you enroll in Medicare Part B. During Open Enrollment, you aren’t subject to underwriting and all Medicare Supplement Plans are required to accept you. Another perk of using the Medigap Open Enrollment Period is that providers must offer you coverage at the lowest price available.
Why Use Medigap Open Enrollment Period?
You should always use the Medigap Open Enrollment Period because doing so allows you to get the best price available on Medigap coverage. If you choose to wait, you risk being denied coverage due to your past or current health issues. To get the best rates and ensure your approval, enroll during Open Enrollment.
Find The Right Medicare Supplement Plan
If your Medigap Open Enrollment Period is starting soon, you need to start considering your Medigap options. Why not work with an insurance agent to ensure that you’re well-informed?
You can call Magellan Healthcare at 866-779-3553 to get started with a free quote and consultation.
