A Medicare Supplement (Medigap) insurance, offered by private providers, takes care of some of the healthcare costs that Original Medicare would not handle. Some of the examples would be coinsurance, co-payments, and deductibles.
If you acquire a Medigap policy and already have Original Medicare, Medicare will contribute its share of the Medicare-approved amount for covered healthcare expenses. Your Medigap policy pays its share too.
A Medigap policy is not the same as Medicare Advantage Plan. Medicare Advantage Plan is a way to obtain Medicare benefits, while a Medigap policy only supplements your Original Medicare.
When to purchase a Medicare Supplement policy
The perfect time to purchase a Medigap policy is during your Medigap Open Enrollment Period, the six-month period that starts on the first day of the month you turn 65 in if you have already enrolled in Part B (Take note that some states have extra Open Enrollment Periods). After this enrollment period ends, purchasing a Medigap policy may not be possible. And even if it’s still possible, the policy will most certainly be more expensive.
A delay in signing up for Part B due to already available group health coverage based on your (or maybe your spouse) present employment will lead to your Medigap Open Enrollment Period not starting until you join Part B.
If you have questions on the matter, please give us a call, and we will help you navigate the issue.
Review any notices from your plan about changes for next year. To learn more about your options download Medicare and You 2020
Compare: In October, use Medicare’s tools to find a plan that meets your needs.
This is the one time of year when ALL people with Medicare can make changes to their health and prescription drug plans for the next year.
Your new coverage begins if you switched to a new plan. If you stay with the same plan, any changes to coverage, benefits, or costs for the new year will begin on January 1.
If you’re in a Medicare Advantage Plan (like an HMO or PPO), you can make one change to a different plan or switch back to Original Medicare (and join a stand-alone Medicare Prescription Drug Plan) once during this time. Any changes you make will be effective the first of the month after the plan gets your request.
When to buy a Medicare Supplement policy
The best time to buy a Medigap policy is during your Medigap Open Enrollment Period, which is the six-month period that begins on the first day of the month in which you turn 65 or older and have enrolled in Part B. (Some states have additional Open Enrollment Periods.) After this enrollment period, you may not be able to buy a Medigap policy. If you are able to buy one, it may cost more.
If you delay in Part B because you have group health coverage based on your (or your spouse’s) current employment, your Medigap Open Enrollment Period won’t start until you sign up for Part B.
If need have questions about enrollment please give us a call. We’re here to help.