Medigap is distinct from other facets of Medicare. It’s not a standalone plan, and it has more stringent grounds for eligibility. You can even switch to a different Medigap plan if the need arises, but you need to be aware of when you’ll be able to do this.
Why is Timing for Enrollment Important?
Timing matters because waiting too long can mean that you won’t be able to get a Medigap plan at all.
When you first join Medicare Part A and Part B, you have six months to join a Medigap policy for the first time. This is known as the Medigap Open Enrollment Period. There are no medical exams, and your policy will be guaranteed issue, meaning that you won’t be disqualified due to pre-existing conditions.
Medigap policies come in 10 different plans – Plan A, B, C, D, F, G, K, L, M, and N. These differ in the amount of coverage they offer.
You may also switch based on the company you purchase the plan from. Since Medigap is sold through private insurance, you’ll find that companies give different rates for the same plan. For example, if you already have Plan G, you may decide to get Plan G from a different company because it offers that same plan at a lower cost.
Another reason may be that you’re paying for coverage that isn’t relevant to your needs. Here, you can switch to a Medigap plan tailored to your needs at a lower cost.
Can I Get a Policy After the Medigap Open Enrollment Period?
It is technically possible to get Medigap after the six-month enrollment period has ended. If you get Medigap at this time, it’s not a guaranteed issue. If you do not have guaranteed issue rights, you won’t be able to make any changes.
How Do I Know if I’ve Made the Right Choice?
When you decide to switch, you can enter what is known as the “free look period,” which lasts 30 days. During this time, you can have the new coverage while still keeping the policy you’re considering switching out of. If you don’t like the new coverage, you can drop it and keep the policy you originally had. But if you decide to get the new policy, you will need to drop the plan you had before. This trial period requires you to pay premiums for both Medigap policies for that month.
Make Your Decision Today!
At Medicare Sharks, we help you get coverage that will meet your needs at the price you deserve. With us, you can enjoy more benefits with fewer out-of-pocket costs. Find out more by calling us today at 561-225-3022. You can also reach us at 561-225-3633.