Medicare Supplement Store Blog |
Are you over 50 and looking for additional ways to protect yourself? Medigap might be the best solution for you. The great news is you can apply for Medigap at any time of the year, but there are different conditions to meet. Find out what the best time for you is below. What is Medigap?
Medicare Supplement Insurance covers you on benefits not covered by your Medicare plan. Private entities offer this insurance to save money and avoid additional costs. It's beneficial because there are several costs you might not be aware of that your Medicare could not pay for. Some of these fees are:
When is the Best Time to Get Medigap? Generally, there are two periods where you can get Medigap. During and beyond open Enrollment. Depending on your timing, your requirements may vary. During Open Enrollment Private companies offering Medigap insurance are allowed to use medical underwriting. They decide whether to accept your application. They are also able to determine the fees you will pay for you to obtain Medigap. It is considered the best time for many reasons. That includes your ability to buy it at a lower price even if you have pre-existing health conditions. It commences when you enroll in Part B if you are first eligible at the age of 65. Otherwise, you will need to pay a late enrollment fee. The period when you are first eligible cannot be changed or repeated. Enrolling during these six months is the best time because companies cannot:
If you are turning 65, it's best to wait until you are at that age and enroll during the open enrollment period. Private companies are not required to offer Medigap to people under 65. Some states may be able to sell you a Medigap policy, but this will cost more. Outside Open Enrollment If you apply for Medigap after the Open Enrollment, you may not be granted a policy at all. Besides, you'll still pay a higher amount than you would during the six months discussed above. There are different requirements you need to meet for you to obtain the policy. If you have already exceeded the Open Enrollment, you will risk the chance to get the policy. At Medicare Supplement Store, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (732) 252-8828. Get your free quote today by CLICKING HERE.
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