When Can You Buy Medigap Coverage?

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When Can You Buy Medigap Coverage?

Medigap supplement plans are private insurance policies that help cover medical expenses that are not covered by Medicare. There are 14 Medigap plans available, known as Plans A through M. The best time to buy a Medigap plan is during open enrollment, which is the six month period after you turn 65 and are enrolled in Medicare Part B. During open enrollment, insurance companies cannot consider your quality of health when determining the price of your plan. They are also not permitted to make you wait for coverage or to decline to sell you any of the Medigap supplement plans that they offer. You may, in fact, wish to apply for a Medigap policy no more than two months before your 65th birthday, in order to maintain continuous coverage if you have health insurance that expires when you turn 65.

If you do not buy during open enrollment, it is still possible to buy a plan later, but certain restrictions will apply. For instance, an insurance carrier can refuse to sell you a plan based on health issues. They are also allowed to charge clients with health problems more than they charge healthy clients. There are also a number of situations where you have a guaranteed right to purchase Medigap, such as when other comparable group or individual insurance coverage is ending.

By making sure that you buy coverage as soon as you are able, you have the best opportunity to ensure that your health care costs are taken care of.



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