The open enrollment period to register for Medigap Plans lasts only for a period of six months. The insurance corporations may up your payments if you do not enroll during this time and even use pre-existing health conditions as a means to tell you you can't get covered..
Medigap plans were invented to cover gaps in Medicare insurance coverage. Private insurance providers supply these plans to compensate for the “gaps” in Medicare coverage. If you hold both the Medigap policy and Medicare coverage, then, the expenses covered for health care will be borne by both of them.
There are multiple benefits of holding a Medigap Plan.
1. You will be at liberty to choose you hospitals, health care facilities and physicians.
2. Medicare’s co-payments and deductibles will get coverage
3. Expenses from your end will be minimal
The Medigap open enrollment period is the best time to sign up for this policy. The period of six months starts from the day you reach 65 and have signed up for Medicare Part B.
The open enrollment period for Medigap, which cannot be altered, starts when you enroll for the Medicare Part B. Medical underwriting guidelines cannot be utilized by the insurance providers during this period of six months. Post these six months, the insurance providers will bring the medical underwriting guidelines to use while setting the cost of the policy and approving the coverage. And then, despite getting the coverage approved, you might have minimal options to choose from.
You will still have rights to avail Medigap coverage under certain circumstances despite the expiration of the open enrollment period. If you qualify under this category, then, the insurance companies cannot deny you Medigap coverage due to pre-existing health conditions.
You can also consider enrolling in the Medicare Advantage Plan. These plans which bear resemblance to PPOs and HMOs, are Medicare approved plans which are offered by private insurance providers. Sometimes referred to as MA plans or Part C, they are a part of the Medicare program. Each month, a certain amount is paid by Medicare to these private companies. Medicare Advantage Plans, which are not supplemental insurance, are governed by the rules of Medicare.
Enrolling in Part B and your choice of Medigap plan, once you turn 65 is highly recommended. You can be rest assured that you are well covered in case of any ailments and enjoy your retirement peacefully.
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