When it comes to Medigap (Medicare Supplement Plans), the timing of your enrollment can significantly define the options available to you. It can also affect how easy it is for you to find Medigap coverage, how much you pay for it, and whether the Medigap insurance provider can deny you coverage or charge you more altogether based on your pre-existing health conditions. Continue reading to learn more about the most appropriate time to register for a Medigap plan.
When Can I Enroll in a Medigap Plan?
The most appropriate time to sign up is during the Medigap Open Enrollment Period. This period lasts 6 months and starts on the first day of the month you turn 65 and begin receiving coverage from Part B. The reason the Medigap Open Enrollment Period is vital is that during this period, you can sign up for any Medicare Supplement plan provided in your service area. Also, Medigap insurance providers are not allowed to use your pre-existing health conditions or medical history as the basis for denying you coverage or charging you more altogether.
If you have disabilities or medical issues, it is very important that you take advantage of this enrollment period. This may be one of the few periods you have a guaranteed right to sign up for any Medigap insurance plan. If you enroll in Medigap after your Medigap Open Enrollment Period is over, the insurance companies that offer Medigap plans may deny or charge you more based on your pre-existing health condition.
What Other Time Can I Enroll in a Medigap Insurance Plan?
If you fail to enroll in a Medigap plan during the Medigap Open Enrollment Period, you may be able to sign up for the Medigap plan and not get penalized if you have guaranteed issue rights. With guaranteed issue rights, a Medigap insurance provider can’t deny your coverage, make you wait, charge you more, or refuse to provide coverage because of a pre-existing health condition. Here are some of the situations under which you can qualify for guaranteed issue rights:
- Your Medigap insurance company went bankrupt.
- You lose your Medigap plan through no fault of your own.
- Your Medicare Advantage (Medicare Part C) plan stops offering coverage in your service area and you want to switch back to Original Medicare and get a Medigap plan.
- You dropped your Medicare Supplement policy in order to use your trial right to enroll in a Medicare Part C plan. You’re in your first year of enrollment and want to switch back.
Pre-65 Window to Enroll in a Medigap Plan
Federal law doesn’t require Medigap providers to sell plans to Medicare beneficiaries under 65, and there are no Open Enrollment Periods for those under 65. However, certain states do allow beneficiaries to enroll in a Medigap plan under 65, but it may cost more.
Ready to Enroll in a Medigap Insurance Plan?
If you are ready to enroll for a Medigap plan, we have experienced Medicare experts waiting to help you compare prices, get quotes and find the best option for your needs. Contact Generations Insurance today!