A Medicare Supplement Policy is NOT always a Guaranteed Issue

Underestimating Expenses could seriously
derail your Retirement Plans

A Medicare Supplement Policy ( aka – Medigap ) is designed to pay those out-of-pocket medical expenses not covered by Medicare. Buying this policy is optional. It is issued by a private insurance company, not the U.S. Government. You can be denied this policy if you have pre-existing conditions and you miss your guaranteed enrollment periods, which are :

• Buy a policy when you’re first eligible

The best time to buy a Medigap policy is during your 6-month Medigap Open Enrollment Period. You generally will get better prices and more choices among policies. During that time you can buy any Medigap policy sold in your state, even if you have health problems. This period automatically starts the month you’re 65 and enrolled in Medicare Part B (Medical Insurance), and it can’t be changed or repeated.

After this enrollment period, you may not be able to buy a Medigap policy. If you’re able to buy one, it may cost more or be declined due to pre-existing health problems.

• During open enrollment

Medigap insurance companies are generally allowed to use medical underwriting to decide whether to accept your application and how much to charge you for the Medigap policy. However, even if you have health problems, during your Medigap open enrollment period you can buy any policy the company sells for the same price as people with good health.

• I’m 65 or older

Your Medigap open enrollment period begins when you enroll in Part B and can’t be changed or repeated. In most cases, it makes sense to enroll in Part B when you’re first eligible, because you might otherwise have to pay a Part B late enrollment penalty.

• I’m turning 65

The best time to buy a Medigap policy is the 6-month period that starts the first day of the month you’re 65 or older and enrolled in Part B. For example, if you turn 65 and are enrolled in Part B in June, the best time for you to buy a Medigap policy is from June to November.

After this enrollment period, your option to buy a Medigap policy may be limited, it may cost more, or you also be declined due to pre-existing conditions.

• I’m under 65

Federal law doesn’t require insurance companies to sell Medigap policies to people under 65. If you’re under 65, you might not be able to buy the Medigap policy you want, or any Medigap policy, until you turn 65. However, some states require Medigap insurance companies to sell you a Medigap policy, even if you’re under 65. If you’re able to buy one, it may cost you more.

• I have group health coverage through an employer or union.

If you have group health coverage through an employer or union because either you or your spouse is currently working, you may want to wait to enroll in Part B. Employer plans often provide coverage similar to Medigap, so you don’t need a Medigap policy.

When your employer coverage ends, you’ll get a chance to enroll in Part B without a late enrollment penalty. That means your Medigap open enrollment period will start when you’re ready to take advantage of it. If you enrolled in Part B while you still had the employer coverage, your Medigap open enrollment period would start. Unless you bought a Medigap policy before you needed it, you’d miss your open enrollment period entirely.

• Outside open enrollment

If you apply for Medigap coverage after your open enrollment period, there’s no guarantee that an insurance company will sell you a Medigap policy if you don’t meet the medical underwriting requirements.

Make sure that you know your rights, responsibilities and Deadlines when it comes to enrolling in Medicare Part B and Medicare Supplement Plans.

My name is Fraser Allport

I am a Fiduciary who specializes
in the FRS DROP and Medicare.

I have been Self-Employed in
Financial Services for 40 Years.

I work for me, and for You.

My allegiance is to You.

Not some Big Company or Big Bank.

I am an Independent who runs my own Company, so I can search the world to find you The Best Ideas … for The Least Cost.

I am a Fiduciary, Investment Advisor, and Certified Estate Planner™ who specializes in the FRS DROP Plan, Social Security, Medicare, Income Taxes, and Estate Planning.

I have been in Financial Services for 40 Years.

I will be here when You need me.

Thanks and attribution to :
https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap