The ideal time to buy a Medigap insurance policy is during the “Open Enrollment Period”. The Medigap Open Enrollment Period lasts for 6 months. It begins on the day you turn 65 years or older. Also, you must have purchased a Medicare Part B.
For example, on the 1st of May, you turn 65 but you don’t have a Medicare Part B until the end of June, then your Medigap Open Enrollment Period commences on the 1st of July. This means the Medigap Enrollment Period depends on your age and Medicare policy.
Key Take Away – The moment your Medigap Open Enrollment Period begins it cannot be postponed.
Throughout the United States, the Medigap Open Enrollment Period is classified into two. There is a separate enrollment period for the young (below 65) and the old (above 65). To know more about the rules and regulations in your state, you must approach an approved insurance company in your region.
The Need for Open Enrollment
According to experts, you must purchase the Medigap plan within the Open Enrollment period.
Most insurance service providers are allowed to make use of medical documents. These medical documents will evaluate your health condition. Insurance companies use the medical documents to decide on your monthly premiums too.
However, during the Open Enrollment Period, health insurance companies are not allowed to perform these checks. They cannot reject an application due to a health problem or disability. The health insurance companies are restricted from doing the following:
- Rejecting an application
- Refusing an insurer any Medigap Supplement plan
- Quoting an expensive premium because the insurer is above 65 years of age
- Delay in processing or starting the policy
- For more information about Medigap Insurance for 2019 click here
Is there a waiting period?
As mentioned previously, the insurance service provider is not allowed to delay the process. They must kick-start your medical coverage as soon as the application gets approved. In some cases, you might be asked to wait for a predefined duration.
Certain healthcare insurance companies have a waiting period. During this period out-of-pocket expenses will not be covered. The expenses may not be covered for 6 months. Once again, the terms differ between insurance companies. Once the 6 months come to an end, the insurance company will take care of the out-of-pocket expenses.
This waiting duration can be avoided if you buy the Medicare Supplement plans during the Open Enrollment Period. Also, you should choose a creditable coverage plan.