Medicare Supplemental Plans (Medigap) healthcare insurance can be puzzling to understand for those who have recently become Medicare eligible. We have found the top tips to make it much clearer to understand Original Medicare and Medicare Supplement insurance.
1) Sign up with Medicare First
The first thing you need to do is sign up for Original Medicare, before you can purchase Medigap
If you still have job-based insurance you might want to continue that coverage and delay both Medicare part B and Medigap. If you have credible coverage through work or spouse, you may not need to enroll in Part B when you turn 65. Remember to talk to your HR person and your insurance agent to determine if you are able to keep your insurance and avoid the Medicare Part B penalty.
2) Compare Medigap plans by different companies
If you are in the know, you are already aware that all Medicare Supplemental plans (AKA Medigap) in your area are regulated. This just means that a Plan G by one insurance provider is equal to a plan G at another provider. Once you choose the level of coverage you want you just need to choose a Medigap plan based on price and the reputation of the company.
3) Choose a Medicare Supplement based on need
Yes, monthly premium affordability is important, but don’t let that be your only deciding factor. Your personal medical need and unforeseen need are most important in choosing a Medigap policy, because saving on the premium can cost you more when you have a serious illness. Medigap can save you money by covering co-insurance, deductibles, and extended hosptial stays. To learn more about specific plans read Medigap A or Medigap F: Which is Best?
4) Don’t miss your deadlines
Most people who are have requested Social Security to begin at 65 will automatically be enrolled in Original Medicare. If you aren’t, you have a 7 month initial enrollment period that ranges from 3 months before your birth month, to the month of your 65th bday, and three months after. If you wait to sign up for Medicare Part A or Part B there are penalties and sometime waiting periods.
Medigap has a six month open enrollment which begins the month you turn 65 and are first eligible for Part B. Unfortunately, if you wait to long enroll in a Medicare Supplement policy you may be subject to Medical underwriting.
Now that you’ve got these useful tips:
If you have any further questions, please call us at phone number above or click here to get an instant Medigap quote.