4 Ways Participants Benefit from Purchasing Medigap

Are you 65 or is your 65th birthday around the corner? Are you enrolled in Medicare Part A and Part B? You have a six-month open enrollment period that begins on the first day of the month in which you are 65 or older. Therefore, this is the best time to start shopping for a Medigap insurance policy. Also known as Medicare supplement insurance, Medigap policies are guaranteed, regardless of the condition of your health and are sold by private insurance companies to fill in some gaps in the coverage you get from Medicare, as long as purchased within your open enrollment period. Consider the following benefits of purchasing Medigap:

  • Medigap Supplements Original Medicare

Medigap is a private insurance policy that picks up where Medicare leaves off, helping you cover co-payments, coinsurance, deductibles, including services such as medical care outside the U.S. This additional cover may not be “necessary” if you already have a supplemental retiree health insurance through a former employer or union. However, it is important because it provides extra protection for high out-of-pocket costs, especially if you become seriously sick or need to receive more care as you age.

  • Guaranteed Coverage

Under federal law, insurance companies cannot deny you a Medigap coverage during a six-month open enrollment period that begins the month you turn 65 and join Medicare. Additionally, even if you lose certain types of health coverage such as Medigap policy, Medicare Advantage plan including private group health insurance, you have the right to buy most Medigap policies within 63 days. Insurance carriers are obligated to offer you the best available rates regardless of your health, which brings us to the next important point.

  • Coverage for Pre-Existing Conditions

During the Open Enrollment Period, an insurance company can’t deny a Medicare supplement policy or charge a higher premium because of pre-existing conditions. While participants may face a six-month waiting period, but as a Medigap beneficiary, they have a “guaranteed issue rights” and will receive all Medicare benefits. Therefore, to ensure eligibility and timely approval, it is important to begin shopping for Medigap early.

  • Popular Medigap Plan F

Baby boomers can celebrate because this plan now pays for all the gaps in Original Medicare Part A and Part B, including both hospital and outpatient deductible. This means zero out-of-pocket at the doctor’s office.

The financial burden of health currently and in the future, including the level of service you receive, may have huge implications and lasting impact on your life. Switching Medicare supplemental insurance plans shouldn’t be stressful, retirees can talk to a reputable Medicare brokers who will help with identifying the best possible coverage for the best possible rates by comparing Medicare plans and rates from private insurance companies that supply Medigap.

Learn more about Medigap plans and rates at http://emedigap-plans.com.  Medigap Insurance brokers will help you compare Medigap Insurance rates and plans.  To talk to an expert in Medigap coverage call toll free 888-452-7949!

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