If you’re enrolled in Original Medicare but are not interested in joining a Medicare Advantage plan, you may be interested in what Medicare Supplements (Medigap) can do for you in regards to coverage and lowering out-of-pocket costs. However, to make sure you get the Medigap plan you want, you need to make sure you enroll while you have guaranteed issue rights.
How Do Guaranteed Issue Rights Work?
In the context of Medicare, guaranteed issue rights have to do with ensuring you get the coverage you need. You can have guaranteed issue rights with supplement plans, also known as Medigap. This is why guaranteed issue rights are also called “Medigap protections.” With guaranteed issue rights, insurers cannot reject you because of your health or preexisting conditions, nor can they increase premium rates because of your health problems. This is government-enforced, so this is going to apply to every insurance company you purchase a Medigap plan from.
What Do I Need to Do to Have Guaranteed Issue Rights?
You will have guaranteed issue rights with your Medigap plan as long as you join Medigap during the Medigap Open Enrollment Period. This is a six-month period that begins from the time you join Medicare Part B.
If you do not join during the Medigap Open Enrollment Period, you face the strong possibility of going through medical underwriting, having higher premiums, or also being denied coverage.
What are Other Advantages of Guaranteed Issue Rights?
When you have guaranteed issue rights, you have the ability to switch Medigap policies at any time. Unlike Medicare plans, switching policies isn’t confined to enrollment periods. This will give you more freedom with your coverage, and you’ll be able to make use of “free look periods,” which allow you to try a second Medigap plan’s coverage to see if you still want to keep your current plan.
Find Out More Today!
At Medicare Sharks, we want you to get the best policy possible. When you speak with us, we will be able to find what you qualify for and give you choices for plans that allow you to have the greatest advantage. If you’re new to Medicare and within the Medigap Open Enrollment Period, we can help you sign up for a Medigap plan with the coverage you need, no questions asked. Call us today to get started!