When Is The Best Time To Apply For A Medicare Supplement Policy?
The best time to apply for a Medicare Supplement policy is during open enrollment that starts on the first day of the month your 65th birthday. The enrollment period last for six months. You must be enrolled in Medicare Part B. There are special open enrollment periods in some states for people under 65. It is to your advantage to be sure to utilize the time frame to purchase Medigap coverage. The Medigap companies cannot use medical underwriting against you. What this means is they can't refuse to sell you a Medicare Supplement policy. They can't make you wait for your coverage to start and they can't charge you more because of your current or past health problems.
Is There A Waiting Period For Pre-Existing Conditions Before My Medicare Supplement Policy Takes Effect?
Though during the open enrollment period, Medigap companies cannot require you to wait before the coverage starts. However, some companies may enforce the pre-existing condition waiting period. They can't refuse you coverage for the pre-existing condition but they can require you to wait up to six months before that condition is covered. Even though you may have to wait for the coverage to take effect on that condition, everything else is covered. The Original Medicare will still cover the pre-existing condition. Unfortunately, you may still be left with out of pocket expenses.
Why Is It Important To Buy A Medicare Supplement Policy When I Am First Eligible?
If you purchase the Medicare Supplement policy during open enrollment, you are able to buy any of the Medigap policies the company offers. You can buy the coverage for the same price as people with good health even if you are having medical problems. If you procrastinate and wait until after the open enrollment period, there is no guarantee that the insurance company will sell you a Medigap policy if you don't meet their underwriting requirements. It is in your best interest health and money wise to purchase the Medigap coverage during open enrollment.