Medigap Open Enrollment

Medigap Open Enrollment Periods

The Medicare Enrollment Period

In most cases, enrolling in a Medigap policy during your open enrollment period is the best option. You have a six-month open enrollment period under federal law, which starts 3 months prior to you turning  65, the month you turn 65, and 3 months after.  This is when you enroll in Medicare Part B (very important).

While your enrollment period is open, Medigap firms have to sell you a policy at the simplest offered rate notwithstanding your health status, and coverage cannot be denied to you. The ideal rate may rely upon a variety of factors. For example, age, gender, marital status, and zip code. If you get a Medigap plan while your enrollment period is open, policies are restricted in their ability to exclude coverage for pre-existing conditions. 

Guaranteed Issue Right

Be sure not to miss out on your open enrollment period. If you do, but have a guaranteed issue right, however, you are still eligible to purchase a Medigap plan. Once you turn 65 or are older than that a guaranteed issue right is available to you if you have certain health coverage that is no longer covering you or stop your health coverage. 

With a guaranteed issue right, Medigap firms have to sell you a policy at the simplest offered rate notwithstanding your health status, and coverage cannot be denied to you. The ideal rate may rely upon a variety of factors. For example, age, gender, marital status, and zip code. If you get a Medigap while your enrollment period is open, policies are restricted in their ability to exclude coverage for pre-existing conditions. 

On another note, you may also have a guaranteed issue right if these circumstances apply to you;

  • A group healthcare plan that was covering your Medicare cost-sharing was lost, but you played no role in it falling through.
  • Were accepted into a Medicare Advantage Plan right when the enrollment period opened for you but was then unenrolled within a year from acceptance.
  • The current Medicare Advantage Plan or Medigap policy decides to end their coverage or commits a felony. 

 

Purchasing a Medigap policy if you missed the enrollment periods

If you have missed out on the enrollment periods yet still want to purchase a Medigap policy when the enrollment windows are closed here is what to be aware of. The companies that are offering the policies can choose not to sell you one or may require that you have specific medical requirements. Let’s say a company decides to sell you a policy, a high monthly premium may be applied that you will have to pay on top of a half-year waiting period you have to wait before they will cover the pre-existing medical conditions. 

 

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