Medicare Supplement Plans, also known as Medigap, are additional insurance which can help lower some of the costs associated with Medicare plans. Medigap policies are sold through private insurance companies, though they have detailed knowledge of Medicare and have been approved to sell its supplemental insurance.
There are ten standard Medigap policies, each of which is aimed to reduce Medicare-related costs and ensure that beneficiaries are receiving exceptional medical care. If you’re worried about your medical bills, consider enrolling in supplemental insurance.
Medigap is only intended for those with Original Medicare and does not extend to Part C. If you wish to enroll in Medigap, you cannot be simultaneously enrolled in Medicare Advantage.
Enrolling in a Medigap Policy
Enrolling in Medigap can be done by filling out the necessary application. If you’re working with an insurance agent, they can help you fill it out and ensure that it’s completed properly.
Insurance companies aren’t allowed to require you to get any genetic testing done and are not entitled to know any details about your family history. It’s important to know that you don’t have to provide this information.
Medigap’s Open Enrollment Period
Just like Medicare, there are certain times when you can enroll in Medigap. There’s an Open Enrollment Period for Medigap, which is when it’s best to enroll. The Open Enrollment Period lasts for six months, starting the month when you enroll in Part B. You must also be 65 in order for your enrollment period to begin.
Enrolling during this period means that the insurance company will not be able to deny you a policy due to a medical factor. They also cannot adjust the price due to any medical reasons. This is one of the biggest reasons why you should take advantage of your Open Enrollment Period.
Cornerstone Senior Advisors Can Help
If you’re looking to enroll in Medigap, the first step is to select which policy you’ll choose. There are many different options, while some of them are incredibly similar. Once you’ve selected the plan that will work best for you, find an insurance provider.
You should always work with insurance providers you trust. Being able to rely on them and ask any questions you have is important in the enrollment process. If you’re not completely satisfied with your current insurance provider, consider switching to the one you feel more comfortable with.
At Cornerstone Senior Advisors we provide a wide variety of Medigap plans and are available to discuss your enrollment options. Call 316-260-3331 today!