Independent Agent & Medicare Supplement Specialist, reMEDIGAP, USA
You can buy a Medigap Plan at any time during the year as long as you are enrolled in Medicare Part A and Part B. If you have Original Medicare Part A and Part B, you may want to consider buying a Medigap policy sooner rather than later. Original Medicare only covers generally 80% of your medical costs, leaving you to pay the other 20% -- as well as the Part A deductible ($1,216 in 2014) and the Part B deductible ($147 in 2014).
The best time to buy a Medigap Policy is during your initial Open Enrollment Period (the one time only, 6 month window when Federal law allows you to buy ANY Medigap Plan sold in your state). During this period you cannot be denied coverage.
If you already have a Medigap Plan, you can buy a policy whenever you wish. You will just have to answer the health questions on the insurance company application. Your application will have to approved through the medical underwriting department. It's important to note that the Affordable Care Act does not apply to Medigap Plans. If you have some health conditions, a Medicare Supplement Specialist can work with you to see which insurance companies might be good match for you.
In some cases, you may have a Guaranteed Issue Right to purchase a Medigap Policy if you have other health care that changes in some way -- for example, you lose other health care coverage. This means you'll get a small window of opportunity to purchase a Medigap Plan without being denied coverage. It' s best to contact an independent agent specializing in Medicare Supplement insurance to help you determine if you are in this type of situation.
Thank you for reading my response. Please let me know if I can assist you with your Medigap insurance needs.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
As for Medigap policies pertaining to Medicare Joann's answer above is spot on! I tend to think of "Health Insurance Gap" insurance in general as I don't specialize in Medicare. If you have a major medical insurance plan and it doesn't pay 100% of the costs of all treatments you may want to look into a "gap insurance" plan. Many of the major medical plans leave you with a co-pay of 20% on most items, and considerably more on some others. For example a dental plan may cover 50% of the cost of a crown up to a maximum dollar amount for the year. There are some providers that offer indemnity plans that pay benefit you directly that you can use to cover your out of pocket costs such as your co-pay, or for whatever use you want. I happen to represent one such company that has very reasonable premiums, pays benefits in One Day from filing your claim, and offers excellent programs. ...quack quack!
The best time to buy a Medicare Supplement is during your Open Enrollment Period when you first activate your Medicare Part B at age 65 or older. You will have six months from the date you activate your Medicare Part B to buy a Supplement with no health questions to answer. Your acceptance is guaranteed and pre-existing health conditions are covered immediately. You can apply for a Medicare Supplement after your Open Enrollment Period ends but you have to answer all health questions on the application and if you have any serious health conditions you could be denied coverage or be charged a much higher rate to cover those health conditions. Good health today does not guarantee good health tomorrow. Don't wait until you need a Medicare Supplement before applying for one or you maybe very disappointed in the end result. Take advantage of your Open Enrollment Period because most people only get one opportunity to get a Medicare Supplement without answering any health questions.
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The best time to buy a Medigap Policy is during your initial Open Enrollment Period (the one time only, 6 month window when Federal law allows you to buy ANY Medigap Plan sold in your state). During this period you cannot be denied coverage.
If you already have a Medigap Plan, you can buy a policy whenever you wish. You will just have to answer the health questions on the insurance company application. Your application will have to approved through the medical underwriting department. It's important to note that the Affordable Care Act does not apply to Medigap Plans. If you have some health conditions, a Medicare Supplement Specialist can work with you to see which insurance companies might be good match for you.
In some cases, you may have a Guaranteed Issue Right to purchase a Medigap Policy if you have other health care that changes in some way -- for example, you lose other health care coverage. This means you'll get a small window of opportunity to purchase a Medigap Plan without being denied coverage. It' s best to contact an independent agent specializing in Medicare Supplement insurance to help you determine if you are in this type of situation.
Thank you for reading my response. Please let me know if I can assist you with your Medigap insurance needs.