Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Medigap Insurance and other Medicare topics.
Medigap health insurance, which is Medicare supplement insurance, offers Medicare participants an affordable way to cover the costs of unpaid medical bills that are not covered by Medicare. There are several plan options that are available for your purchase to help ease the cost of health care costs.
First, you may not be aware that there is a 6 month Medigap policy open enrollment period which begins during the first month you turn 65 and are enrolled in Medicare Part B. This open enrollment period guarantees you the right to buy any Medigap policy available to you in your home state.
In fact, the best time to buy a Medigap health insurance policy is during the 6-month open enrollment period. If you wait until after this special enrollment time frame, your options may be somewhat limited and the cost of the policy may increase. It is also important to promptly purchase Medigap health insurance policies because the rates usually go up as you get older.
When purchasing Medigap health insurance plans, it is helpful to know that the plans are identified by universal designated letters that indicate the type of plan coverage they provide. Be sure to check various insurance companies that offer Medigap health insurance policies, as the rates can vary by company for the exact same coverage. While comparing prices for individual insurance coverage make sure you are comparing the same exact Medigap policy to ensure you get the best deal. For example, when asking for rates, you should compare Plan A from one company with Plan A from another company.