If you’re currently enrolled in Original Medicare, you’ll be aware that there are coverage gaps that you are responsible for. Coinsurance, copayments, and deductibles are medical expenses that you must pay out of pocket. That’s where a Medigap insurance plan comes in. Also known as Medicare Supplements, Medigap plans work alongside your Original Medicare coverage to close some of those gaps in the coverage.
When it comes to Medigap plans, the timing of your enrollment can significantly determine how easy it is to find the right coverage for your needs and the options available. Medicare beneficiaries may apply for a Medicare Supplement plan at any time of the year, but you may be denied or charged more outside the Medigap Open Enrollment Period (MOEP).
Read on to learn more about Medigap Open Enrollment Period.
What is It?
Medigap Open Enrollment is a one-time enrollment window during which a Medicare beneficiary can sign up for any Medicare Supplement policy. This window only lasts for six months, and it starts on the first day of the month you are 65 or older and enrolled in Medicare Part B. Through this enrollment period, insurers are not allowed to use your pre-existing conditions or medical history as an excuse to charge you more for Medigap coverage or deny you altogether.
Guaranteed-Issue Right to a Medigap Plan
Guaranteed-issue rights ensure that an insurer doesn’t use medical underwriting to deny Medicare Supplement coverage to Medicare beneficiaries with a pre-existing condition. With a guaranteed-issue right, you are not required to answer any medical questions, fill out a medical questionnaire, or take a medical exam before signing up for a Medigap plan.
Eligibility Outside of Medigap Open Enrollment Period
If you miss your Medigap Open Enrollment Period and want to sign up for a Medicare Supplement plan at a later date, in most situations, you may not be able to sign up for the Medigap plan of your choosing because you may be required to undergo medical underwriting. Insurance companies may also decide not to enroll you based on your health condition by using medical underwriting.
The best chance you have to sign up for a Medigap plan that fits your needs is to register during your Medigap Open Enrollment Period.
We Can Help You Find A Medigap Plan
Our team of experienced Medicare agents are happy to examine your health needs and help see if you can qualify for a Medigap insurance plan. To learn more about the Medicare Supplement plans offered in the Reno, NV, area, give Eldridge Agency a call today at (775) 328-1197.
