If you do not acquire one of the best Medicare Supplement Plans 2021 at the right time, you would be wasting a lot of money. It is important to know the best time to buy a Supplement Plan or a Medigap policy. Though you could go to a reliable insurance advisor for this information, it makes sense to know the basics about dates, age, and deadlines so that you are well in time for any purchase of a policy.
Open Enrolment Period
Medigap Open Enrolment Period is a term you need to know about. This is a period which lasts for six full months. This period commences on the first day of the month in which you turn 65. The other prerequisite of this is to be in possession of a Medicare Part B policy too. This rule about open enrolment extends to most states in the USA. There are, however, a few states where people below the age of 65 are also included. It is to be noted that the term medical underwriting has to be understood well to know the relevance of when a Medigap can be issued. In short, a company cannot refuse to sell you a Medigap policy, unless there are some undeniable facts that make you ineligible. You cannot be made to wait for your coverage to start too. So, please check the fine print before you take a plan.
It is true that a company cannot keep you waiting for coverage of any kind; however, if you have a health issue that has been there already – a pre-existing condition – the company can make you wait. In this case, too, there are some situations that are exceptions. For instance, if your pre-existing health condition was diagnosed or treated within six months from the date on which the coverage under the Medigap policy was started, then the company will need to extend full coverage to you, in spite of your condition. Some companies refer to this period as a look-back period. Consulting your insurance advisor with all your medical reports in hand could give more clarity on this. Do not hesitate to run this by more than one person. That way, you can hope to get a good insight into this problem.
Since timing is one of the factors that could decide your premium and coverage, it is essential to be quite watchful about dates and birthdays too. Do not take this too lightly; register for a supplement plan now.