Home Health What is the best time to get Medigap individual health insurance?

What is the best time to get Medigap individual health insurance?

by Soft2share.com

As senior citizens reach their retirement age, they become more aware of the importance of proper health care coverage. That is because health care costs tend to increase as you get older.

However, many different health insurance terms such as individual health insurance, Medigap, open enrollment, and other jargon can make it difficult for people to understand. Thus, to maneuver through the difficult path towards finding the correct coverage, one needs knowledge about the subject.

The other confusion people have is when is the best time to enroll in Medigap. It is one of the most common questions insurance agencies such as The Benefit Link gets. So to clear up this confusion, we have created this helpful article, and we suggest you keep reading.

What is Medigap that health insurance companies offer?

Medigap is a supplemental plan offered by individual health insurance companies, and it was created to fill the gaps in Medicare coverage. For example, if you are a Medicare beneficiary, you don’t get custodial care, private nursing facility, optical care, dental care, and many other essential healthcare costs coverage.

So, in short, Medigap is supplementary insurance that takes over your healthcare coverage once your Medicare plan stops covering you. The different insurance companies offer Medigap plans; for example, Aetna offers Medigap plan A, B, C, D, F, G, K, L, M, and N. Same goes for each health insurance company offering similar plans to seniors.

However, Aetna Medicare supplement plan G is considered one of the most comprehensive Medigap plans because it provides almost all of the benefits that you can get under Medigap coverage. With that being said, the primary services offered by each of the above-mentioned Medigap plans, including coinsurance coverage, hospice coverage, and other primary coverage, is standard for all Medigap plans.

What is Medigap open enrollment, and why it is the best time to enroll in Medigap?

Now coming towards the significant question about the best time to enroll, it is a period called the open enrollment period, and it spans for six months once you turn 65 and have a Medicare plan B. During this open enrollment period, you have a special privilege to purchase any Medigap plan you want, dependent on the factor that the Medigap plan is available for your specific state.Visit here to check The best life insurance companies of 2021

Another benefit of enrolling into Medigap during open enrollment is that you are guaranteed to get Medigap during this period despite having pre-existing health conditions at the same price as a person with no health issues.

Purchasing Medigap after the Open enrollment period

Luckily you are guaranteed to get Medigap even after your open enrollment period has passed, thanks to the guaranteed issue right. This right is also there to protect seniors from long waiting periods that health insurance companies might impose.

However, the price of the Medigap coverage might not be favorable if you are getting it after open enrollment, as the cost of Medigap after open enrollment is affected by several factors.

So even if your open enrollment period has passed, you can always apply for Medigap coverage even after this period. However, there is no guarantee that you will get Medigap coverage after open enrollment, especially if you don’t meet the criteria set by the insurance company.

With that being said, the guaranteed issue right comes into play again as it gives you the right to get a new Medigap within 63 days in case you lose specific healthcare coverage.

If you are looking for the easiest way to get Medigap coverage, we recommend you get in touch with a health insurance agent near you for assistance. These agents work independently, and since they aren’t associated with any specific insurance company, you can get an unbiased suggestion from them.    

Related Articles

Leave a Comment