When to buy Medicare Supplement plans (Medigap) Insurance Policy

When do you consider buying Medicare supplement plans believing it to be the right time? The best time is during the open enrollment period lasting for a period of six months and initiates with your birthday month. It offers a balance of three months ahead and following your birthday month when you attain your 65 years. This is the time you can get Part B enrolled. On turning 65 on a particular date such as May 3, but you do not join Part B Medicare up to June 25, it means your Open Enrollment period of Medigap will begin only on 1 July that is the month first day where you are 65 and can enroll in Part B Medicare.

Once the period of Open Enrolment gets initiated, it cannot be replaced or delayed.  There are some states offering under age 65 people also Medicare supplement plans during the open enrollment period considering them eligible. Such people will have another enrolment period as they are 65. In case you are under 65 years, you may go through the guidelines and know from your state insurance department about the details to be surer.

Why to buy in the Open Enrolment Period?

Medicare supplement plans, the Medigap insurance companies are permitted to use medical underwriting to determine if your application must be accepted or not and what should be charged for the policy. An insurance company, in the open enrolment period can perform any of the following, in case there is a health problem or a disability:

  • It can delay the starting of your coverage
  • It can refuse selling the Medigap policy
  • It can charge higher premium than regularly charged at 65 for others.

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What is a waiting period during pre-existing condition?

An insurance company normally does not delay initiating during open enrolment period the overall coverage, but sometimes it makes you wait owing to some pre-existing condition. In case the Medigap insurance company follows a waiting period as pre-existing condition means it can deny offering you the costs that you spend out of pocket as cover to your existing health condition for a period of six months.( During this time, the Original Medicare will cover the condition, but you need to pay for copayments or coinsurance). However, the Medigap policy, after six months for pre-existing condition also will cover the costs out of pocket. Thus, Medigap insurance companies may delay the coverage offered if there exists a condition that was diagnosed or treated within a period of six months prior to the starting of the policy.