What is Medicare Supplement (Medigap) insurance?
When an American citizen turns 65 years of age, they have the option to enroll in Medicare. Original Medicare, which includes Parts A and B, covers 80% of most hospital and doctor expenses. Medicare Supplement insurance, also known as Medigap insurance, covers the other 20% “gap” in coverage.
Medigap plans are standardized by the federal government in order to protect seniors.
Each insurance company must provide the same standardized Medigap plans. And…the insurance company that sells the Medigap insurance plan does not make decisions about which bills they will pay. Medicare decides–the insurance company pays. If your provider accepts Medicare patients, they must accept your Medicare Supplement insurance.
Who can enroll in Medigap Insurance plans?
If any of these circumstances apply to you, then you are eligible to apply for a Medicare supplemental insurance:
You are currently, or plan to be, covered under Medicare Parts A & B
You are within 6 months of turning 65
You are over 65 and within 6 months of receiving Part B coverage
You are over 65 and about to lose your group health insurance plan
When Can I Sign Up for Medigap Insurance?
Because of the sometimes confusing rules of Medicare enrollment, many seniors mistakenly believe that signing up for Medigap is also complicated. Here are examples of the easiest time to sign up and avoid any medical questions:
The “Initial Enrollment Period”. During your first 6 months of Part B coverage, you can enroll in any plan you desire without answering a list of health questions
The “Guaranteed Issue” Period. If you are on the verge of losing coverage through an employer, you will have a “guaranteed issue” period lasting 63 days where you can purchase certain Medigap policies with no health questions asked.
Applying for Medicare Supplement insurance outside of these time frames may require going through the medical underwriting process and answering health questions. We are here to help with this process.
Where Do I Purchase Medigap Insurance?
To get the most out of your Medicare path, we suggest you work with an independent broker like Better Choices For Seniors. We represent the top companies that provide Medigap plans in your area. We don’t work for the insurance companies. We work for you. Our service is free.
We will help you with all processes and remind you of deadlines and unseen hurdles. We will remind you every year to shop your Medigap and Part D drug plans to optimize your savings and get the very best benefits.
Try our online computer screen sharing and become a Medicare Supplement expert in just minutes.
Better choices…Medicare Supplement savings.