Don’t Miss These Opportunites to Buy a Medicare Supplement Policy – Guaranteed

The best time to buy a Medicare Supplement policy

The best time to buy a medicare supplement (medigap policy) is during your open enrollment period. Your open enrollment period lasts 6 months and begins on the first day of the month that you are both 65 or older and enrolled in Medicare part B. During the medigap open enrollment period, medical underwriting does not apply. An insurance company cannot:

• Charge you more premium because of any health condition.
• Refuse to sell you any policy offered in your State.
• Make you wait for coverage to start (except a 6 month wait for pre-existing conditions if no creditable coverage was in place for the prior 6 months).

 

Other times you qualify for guaranteed issue rights

Guaranteed issue rights come into play when other health coverage that you have, changes or goes away. The following are additional opportunities to buy a Medicare supplement policy and be guaranteed of issue regardless of health conditions.

1. You have been in a Medicare Advantage plan that is not renewing in your county or you move out of the plan’s service area.
2. You have employer group including  cobra benefits or coverage from your union, and that coverage is ending.
3. You have Medicare Select (supplement with provider network), and you move out the the coverage area.
4. You joined a Medicare Advantage plan at age 65 when you became eligible for Part A,  have been enrolled for less than a year and you would like to switch to original Medicare.
5. You dropped a Medicare supplement to join a Medicare Advantage plan, its been less than one year and you would like to switch back.
6. The company that you have your Medicare supplement with, goes bankrupt or coverage ends through no fault of your own.
7. A Medicare Advantage plan or Medicare supplement plan that you were enrolled in, doesn’t follow the rules or you were misrepresented.

Your right to a guaranteed issue period is not open ended. You generally must make your move within 63 days of your coverage changing. Check out  Medicare’s site to get more detailed information or speak with your insurance agent.

When your coverage changes its time to make your move

Don’t miss your opportunity to take advantage of any guaranteed issue period that you have to buy a Medicare supplement policy. Call your agent or go online and request a quote so you don’t miss your opportunity. You have the right to apply for a Medicare supplement after 63 days has passed since your coverage change, but you are then subject to underwriting and your health conditions could cost you more money or stop you from qualifying for coverage.  If you keep these opportunities in mind, you will be able to secure great coverage at the best price available.