Did you know that the first six months of your Medigap eligibility could be the most important?
Definitions:
-Medigap, also referred to as Medicare Supplement Insurance, helps fill in the gaps that Medicare leaves behind. Medicare generally pays 80% of Medicare approved medical services. A Medicare Supplement helps to take care of the remaining 20%.
-Medigap eligibility, or your Medigap Open Enrollment Period, is when you are able to purchase Medicare Supplement Insurance without going through medical underwriting. It lasts for six months and begins on the first day of the month that you turn 65 AND are enrolled in Medicare Part B.
Delayed Medicare Part B because you have employer coverage?
If you delayed enrollment in Medicare Part B, due to still being covered under your or your spouse’s employer plan, or if you had other credible coverage; then your Medigap Open Enrollment Period starts on the day your Medicare Part B benefits begin. Your Medicare card will list the effective dates of your coverage.
During this open enrollment period, insurance companies cannot use medical underwriting. This means they cannot:
1. Refuse to sell you any Medigap plan it offers
2. Charge you more for a Medigap policy than they charge someone with no health problems
3. Make you wait for coverage to start (no pre-existing conditions wait time)
Once this six-month open enrollment period expires, insurance companies can charge you more or decline coverage.
Why should you compare Medicare Supplement quotes from different insurance companies?
1. Medicare plans are standardized by the government, and all offer the exact same benefits. THE ONLY DIFFERENCES ARE PRICE AND CARRIER NAME.
2. Insurance premiums can VARY GREATLY between carriers. In our Indiana market, there is up to a $35 difference in the monthly premium you pay to one carrier over another for Medicare Plan F…that’s $420 more in premium per year for the exact same benefits!
3. It’s easy! Many local, independent insurance agents are licensed to sell with every insurer who offers Medicare Supplements in your area. They can do the price shopping for you so that you don’t have to call each carrier separately.
Independent agents also have the ability to present you with information on history of premium increases, strength/rating of the different insurance carriers, and personal experience they’ve had with different insurance companies.
If you don’t have a Medicare Insurance Agent, consider giving Mitch Upchurch a try.
Quotes can be requested online at www.mitchupchurch.com or by calling 765-287-9380/800-630-8853. Put Mitch’s 20 years of Medicare experience to work FOR YOU!