Medicare Supplement/ Medigap Enrollment Options
Any Medicare-eligible beneficiary may enroll in a Medigap (Medicare Supplement Insurance) policy during the open enrollment period. This six month time span begins the first month you are age 65 and are enrolled in Medicare Part B. You may be eligible prior to turning 65 for another open enrollment period if you go on Medicare Part B for disability, but you must have Medicare Part A and Medicare Part B to enroll.
Another period when you can enroll in Medigap is if you experience a qualifying event for Guaranteed Issue. In the event that you experience one of these qualifying events you have 63 days to sign up for a Medigap policy. There are many different kinds of qualifying events. They may include one or more of the following:
- leaving or losing coverage from your employer
- losing a Medicare Advantage plan
- moving to a new state outside the service area of a Medicare Advantage plan
- many other possibilities
The open enrollment and Guaranteed Issue periods are significant because if you enroll during this time you are guaranteed the right to purchase any Medigap plan available for purchase in your state, regardless of your individual health condition. This means that you do not have to go through a health underwriting process and you can not be denied coverage.
However, one of the biggest advantages of Medigap policies over other Medicare products is that if you’re eligible to participate in any one of the plans, you are able to enroll when you please. If you find yourself in a situation that does not meet one of the guaranteed issue criteria and you missed your open enrollment period, you can still get a Medigap plan.
Each insurance carrier has different requirements for when you may enroll in a Medigap plan. There are numerous options to choose from. Having someone who understands the complexities of Medicare can help you make the correct choice. Contact us at Sun Coast Legacy Advisors so we can work with you to choose the right Medigap plan for your health care needs.