When Should You Apply For Medigap?
A Medigap policy can be purchased simultaneously as the Medicare Part A and B, but when the right time to apply is the key. It can affect your acceptance into the plan, its terms and cost.
The best time to purchase the supplement insurance plan is when it’s Open Enrollment. This is the six-month timeframe after you turn 65 and Medicare Part B. Signing up during this time guarantees you the right to buy a policy without the possibility of higher premiums or the need for underwriting.
After this period is over, you no longer have guaranteed issue rights!
What Factors Will Affect What You Pay For Medicare Supplement?
When you buy Medigap during open enrollment with guaranteed issue rights, there are several factors that could affect the plan’s cost.
- Insurance companies could offer discounts to married individuals, non-smokers and women.
- They may provide discounts to yearly payments or people who pay premiums electronically.
- You could choose to buy a high-deductible option for Medigap Plan F, which comes with a lower premium, but you must pay the high deductible before it starts paying. After Jan. 1, 2020, this option may not be available.
A Medigap Plan G plan may be offered in 2020, which comes with a high-deductible plan. It does not cover the deductible of Medicare Part B, but Plans C and F may cover the deductible costs.
Should you elect for a Medicare SELECT plan, which limits you to its network of doctors, your premiums could be lower.
Not all Medicare insurance plans or discounts are offered in all states, and not all insurance companies provide a Medigap plan.