When is the Best Time to Buy a Medigap (Medicare Supplement) Policy?

When is the Best Time to Buy a Medigap (Medicare Supplement) Policy?

When is the best time to buy a Medigap (Medicare Supplement) policy?

Medigap insurance is also known as “Medicare Supplement” insurance.

Best Time to Buy Medigap insurance

Medicare health insurance is a way to alleviate some of the costs associated with prescriptions, routine medical visits, and hospital care. After investing into Medicare over the years, many Medicare recipients still need additional coverage to fill the gaps the traditional Medicare doesn’t. Medigap insurance policies are advantageous plans that fill in coverage gaps and afford peace of mind for a low monthly premium. There are many factors to take into account when buying Medigap coverage and purchasing supplemental Medigap coverage can mean the difference between financial worry and peace of mind.

Open Enrollment Period for Medigap

The most common time to purchase Medigap insurance is during the Open Enrollment period during the 6 months after you turn 65. Depending on the time when you turn 65, the open enrollment period allows you to choose a Medigap plan after being enrolled into Medicare parts A & B. During the open enrollment period, no companies can deny you coverage based upon prior health conditions or for anything else. This is the best time to purchase Medigap coverage for those with health complications, even those who may not have any now you will want to consider this while you are in your open enrollment. If you are outside of your open enrollment there are only a couple circumstances where you may have a guaranteed issue or special elections situation. That would mean that you would have to answer health question to get into a Medigap policy. Have a piece of mind and get it when you don’t have to answer any questions and carriers cannot deny you coverage.

Post Open Enrollment for Medigap Insurance

If the open enrollment period has passed, there are still Medigap options available but they will be significantly limited, especially for those with preexisting conditions. The qualifications are much less flexible outside of open enrollment, and some Medigap companies may not sell many policies outside of open enrollment. If you have relatively good health you may qualify as you would have to answer health underwriting questions. Outside of the open enrollment period, the majority of Medigap companies may have you go through a series of health questions to be considered for coverage.

Buy Early, Save Over Time With Medigap Insurance

The best time to buy Medigap coverage to supplement your Medicare insurance is when you first become eligible. The main reason is because it will save money over the long run, and give peace of mind that comes with being fully covered. It may seem like a daunting task at first, but the best way to go about selecting a beneficial Medigap plan is to let us research a potential plan and compare the benefits that it outlines. By doing this early, you will have a clear idea of what to look for when the open enrollment period begins.


Our agency helps you understand the different types of Medigap plans & options available to you in your specific state. We will compare and explain each plan along with giving you quote details on the carries in your area. If you would like to speak with a specialist about your options or to get a better understanding of Medicare and Medigap insurance please give us a call at (855) 321-3210. If you are just looking for a quote comparison please fill out the form on this page and one will be available to you.  


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2014-03-05 17:49:08

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