|
Some people who are covered by Medicare buy private insurance, called "Medigap" policies, to pay the medical bills that Medicare doesn't cover. Some Medigap policies cover Medicare's deductibles; most pay the coinsurance amount. Some also pay for health services not covered by Medicare.
The best time to buy a Medigap policy is during your “Medigap open enrollment period”, since you can't be turned down or charged more because you are in poor health. If you are age 65 or older, your Medigap open enrollment period starts when you first enroll in Medicare Part B and then lasts for six months. Or, if you are not yet 65, your Medigap open enrollment period starts when you turn 65, and then lasts for six months. A few states also require that a limited open enrollment period be offered to Medicare beneficiaries under age 65.
If you don't buy a Medigap policy during your Medigap open enrollment period, you may not be able to buy the policy you want later. Once your Medigap open enrollment period is over, insurance companies offering Medigap policies are allowed to reject your application, or charge you more for a policy, because of your health status.
Note: No new Medigap policies sold may cover prescription drugs. If you already have a Medigap policy with prescription drug coverage, you can keep that policy or join a Medicare Prescription Drug Plan. However, if you keep a Medigap prescription drug policy, you may have to pay a penalty if you decide to join a Medicare prescription drug plan later. Take a look at the websites below for further details.
Expert sites to help you:
- You need to shop carefully before deciding on the best policy to fit your needs. Download Guide to Health Insurance For People With Medicare, to help you in making the right choice.
- Access a personalized chart comparing Medicare and Medigap health plans where you live here.
- The Medicare site's Medigap information is available here.
- Visit the Medicare Rights Center at www.medicarerights.org for more information.
Top of Page
|
