When to Purchase Medicare Supplement Plan

Introduction

Medicare Supplement plans are popular and provide good utility to the customers. They protect the savings of the customers by paying the coinsurance and copayments which are not met by the Original Medicare. It is strongly recommended that citizens should opt for a Medicare Supplement plan as soon as they reach 65 years of age. They can buy the Medigap policy during the Open Enrolment Period (OEP) which is the ideal time to buy it. The details of when the policy can be purchased and its significance are provided below:

 

Open Enrolment Period (OEP)

The best time period to purchase the Medicare Supplement plan is during the Open Enrolment Period (OEP). The OEP starts from the first day of the month in which the citizen is both 65 years of age or older and is enrolled in Medicare Part B. When the Medigap policy is applied for during the OEP, the insurance companies cannot refuse to sell the policy on the grounds of pre-existing health conditions. Thus, a Medigap policy is a guaranteed issue policy if applied during the OEP. In some cases, the insurance companies can make the customers wait for coverage related to a pre-existing health condition. However, they cannot refuse to sell the policy and delay the start of coverage.

Consequences of Missing the OEP

Customers may face problems in purchasing a Medicare Supplement plan outside the OEP but help is at https://www.comparemedicaresupplementplans2019.com     The insurance companies cannot guarantee that the policy will be issued. The companies can refuse to sell the policies based on the health status and medical history of the applicant. Even if they decide to sell the policy, they can charge a significantly higher premium and also delay the start of the coverage.

Other Scenarios for Guaranteed Issue Rights

Even outside the OEP, the customers can be issued a Medicare Supplement plan if they have a guaranteed issue rights. Insurance companies cannot refuse to sell the Medigap policies or delay the start of coverage if the applicant has guaranteed issue rights. Some scenarios which make the applicant eligible for guaranteed issue rights are:

 

  • If the applicant has lost a group health plan (GHP) which covered the Medicare cost-sharing without any fault of theirs
  • If the Medigap plan committed fraud on the applicant or misled them
  • If the applicant had earlier dropped their Medigap plan for trial of Medicare Advantage and wants to switch back to Medigap within 12 months
  • The Medicare Advantage plan stops providing service in the applicant’s location or the applicant moves out of Medicare Advantage plan’s service area.

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