Medigap policies fill in the gaps in coverage not present in regular Medicare policies. People who are covered by a standard Medicare policy but want full coverage can choose among the many types of policies offered under Medigap for a more comprehensive . You can buy a Medigap policy if you have the Medicare A and B policies. A Medigap policy requires the payment of premiums to the insurance company and the policy is renewable as long as the premiums are paid.
Coverage of Medigap Policies
Medigap aims to serve as a compliment to the Medicare policy. These include hospital stays and blood tests. Also covered are Medicare B yearly deductibles and covered services.
When to Buy Medigap
You should purchase a Medigap policy once you are first eligible. This is during the 6-month open enrollment period, which is when you are allowed to buy any of the various Medigap policies offered in your state. This period applies to those who have no history of illness and those who have health problems. The open enrollment period automatically becomes effective on the month you turn 65 and enrolled in Medicare Part B. It is very important to purchase your policies during this time, because it only comes around once. Once the period expires, you can no longer enjoy it again.
How to Purchase a Medigap Policy During Open Enrollment
Medigap insurance policy providers can use medical underwriting in deciding whether you are eligible for a policy. However, you can purchase any policy during the open enrollment period even if you are suffering from health problems. The rates for the policy you buy will be the same as those paid by policyholders who are in good health.
How to Purchase a Medigap Policy Outside of Open Enrollment
You can still apply for a Medigap policy outside of the open enrollment period but insurance companies now have the option to deny you coverage if you do not meet the medical underwriting requirements. You do have the option to buy a Medigap Select policy outside of the open enrollment period. With this policy, you can change your mind within 12 months after buying the policy and you can revert to a standard Medigap coverage.
Those who want to buy Medigap policies should also be careful about other eligibility requirements. Some people may not be able to buy a policy under the Medicare Advantage Plan or those who already have Medicaid. People who already have a Medigap policy or are younger than 65 may also be disqualified.
It is very important for people planning to complete their insurance coverage to buy their Medigap insurance at the optimum times, specifically during the open enrollment period to avail of the advantages such as the ability to buy policies despite the existence of a health problem. People who would otherwise not be able to purchase insurance policies outside of these periods will be eligible for coverage. They are also given the advantage of paying the same premium as those being paid by policyholders who are not suffering from any health conditions.