Medigap Insurance

The open enrollment period when you can subscribe to a policy of insurance Pension Plan (more commonly known as a Medigap policy) lasts only six months. If you forget to register during this period, the insurance company may be able to charge you more, or may even refuse to cover you, depending on your pre-existing condition.

Medigap plans have been put in place to help pay expenses not covered by Medicare. These policies are sold by private insurance companies and are intended to supplement the plan cover health insurance at the origin. If you are in the initial plan of health insurance and you have a Medigap policy, then both your health and your Medigap will pay their share of your covered costs of health care.

The advantages of having a Medigap policy include: Reduced costs outside the pocket, the freedom to choose your own doctors, hospitals and other providers of health care and coverage for Medicare deductibles and co-payments.

If you are interested in buying a Medigap policy, the best time to do it is during your Medigap open enrollment period. The open enrollment period lasts six months and begins on the first day of the month in which you reach age 65 or older and you enrolled in Medicare Part B.

From the moment you enroll in Part B, your Medigap open enrollment period begins and can not be changed. In this period of six months of open enrollment, insurance companies are not allowed to use medical underwriting. This is good news for all those wishing to enroll in a Medigap plan. Meanwhile, an insurance company must sell you any Medigap policy they offer. The insurance company can not make you wait for your coverage to begin and they can not add additional charges due to health problems, past or present.

It is important that you do not delay if you go to register. If you are allowed to register early, before the time your Medicare Supplement open early registration period, the rules change once your registration period ends open. If you try to apply after your open enrollment period, an insurance company is authorized to use medical underwriting to approve your coverage and determine the price of your policy. Also, once you're approved, you'll probably fewer choices.

In some specific situations, you always have the right to purchase Medigap insurance even if your registration is free expired. In these circumstances, the rights issue, or Medigap protections, are granted. If you fall into this category, insurance companies are required by law to offer you a Medigap insurance and can not exclude you because of existing health problems.

Another option you have is to enroll in a Medicare Advantage plan. Medicare Advantage Plans are health plan options (like HMOs and PPOs) approved by Medicare and managed by private companies. These plans are part of the Medicare program and are sometimes called "Part C" or "MA plans." Medicare pays an amount for your care every month to these private health plans. Medicare Advantage Plans must follow rules set by Medicare. Medicare Advantage Plans are not supplemental insurance.

The best advice is to join a Medicare Part B and Medigap plan of your choice, shortly after you turn 65. Then go enjoy your retirement with peace of mind, knowing that you're covered in case of health problems arise.