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What You Should Know About Medigap Enrollment
Medigap is an important form of insurance that covers expenses and co-payments that are not covered by a Medicare Part A or B policy. Medigap insurance is provided by private insurance agencies but is regulated by the state and federal government. Following are some important facts that a person should know about Medigap enrollment.
When to Enroll in Medigap Insurance
Generally speaking, a person can get Medigap insurance anytime after his or her 65th birthday. However, the best time to get Medigap insurance is within six months of turning sixty-five. This period of time is known as the open enrollment period.
During the open enrollment period, an insurance agency is required to give this insurance to anyone who asks for it. This means that a person cannot be turned down due to a pre-existing medical condition or for any other reason. Furthermore, insurance agencies have to charge a flat rate for anyone who enrolls during this time period. The insurance coverage starts immediately for all those who enroll during this time period.
A person who enrolls after the open enrollment period will find that the cost of Medigap insurance is generally determined by his or her medical condition. A person will likely need to take an exam and can even be turned down if he or she is battling with one or more serious health problems.
Can Individuals Under the Age of 65 Get Medigap Insurance?
Medigap insurance is technically available to anyone who has Medicare. While Medicare is generally reserved for senior citizens, there are some people under the age of 65 who qualify for this form of governmental assistance. These individuals can also get Medigap insurance but must still wait until the open enrollment period in order to get the pest possible price.
Choosing a Medigap Policy
As was noted above, Medigap enrollment allows a person to choose from a number of policies. These Medigap policies offer varying forms of compensation with policy F being the most comprehensive and therefore the most popular option. A person who buys Medigap insurance is also able to set a deductible, which then determines how much one pays per month as well as how much compensation a person can get and when he or she can get it.
Medigap coverage is government regulated, which means that all insurance agencies that offer this coverage sell the exact same policy. However, some insurers do offer bonuses and perks that others do not, so it is a good idea to do some research before buying a Medigap policy. More about Medicare Enrollment periods on Medicare.gov.
Medigap is a helpful form of insurance that helps those on Medicare cover additional expenses not covered under Medicare A or B. Those who need this form of insurance should be sure to apply for it during the open Medigap enrollment program, as this time period allows a person to get optimum coverage at a relatively low price. It is also a good idea to do some research and be sure to choose the policy that best suits your needs and budget.