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When Can I Buy Medigap Insurance?

You’ve enrolled in Original Medicare but are discovering that not all healthcare costs are covered. If you find yourself in this situation, Medigap insurance might be the solution you need to supplement your health care costs. With a Medigap plan, you can also choose the doctor you want to see. 

Medigap Insurance

It’s important to understand what Medigap is and what it isn’t. Medigap is a supplemental health insurance plan sold by private insurance companies to fill in the gaps of Medicare Part A and Part B. These gaps in coverage include:

  • Copayments
  • Coinsurance
  • Deductibles
  • Some plans may cover emergency care outside the US 

There are things, however, that Medigap won’t cover, these costs include:

  • Costs associated with long-term care
  • Dental care expenses
  • Vision care costs
  • Hearing aids
  • Cost of eyeglasses
  • Private nursing expenses

Medigap plans can be beneficial to those that need to see their doctors frequently. Medigap policies are available to those who already have Medicare Part A and Part B. Although the federal government standardizes all Medigap plans, the premium rates will be different depending on the insurance provider. Just as with your home or auto insurance, it pays to shop around. 

When to Buy Medigap Insurance

If you are thinking that a Medigap plan is for you, there are time requirements to do so.  The open enrollment for Medigap is six months from the first day of the month you turn 65. Of course, you must be already enrolled in Medicare Part B or six months from enrolling. The advantage of signing up during this period is you can buy any Medigap policy for the same rate as a person considered to be in good health. After the enrollment period, you run the risk of not being accepted for coverage or paying higher rates if you do find coverage. 

Another benefit to consider is that even if you have health problems, any standardized Medigap policy is guaranteed renewable. Meaning the insurance company may not cancel your Medigap policy if you are paying the monthly premiums. 

Final Thoughts

Navigating the ins and outs of Medicare and Medicare supplements can be tricky. To learn more about purchasing Medigap insurance and how it can help you cover costs not covered by Medicare contact the professionals at at (877) 829-1109. Our licensed insurance experts will be happy to answer any questions you have.