Enrolling in Medicare Supplements

Medicare Supplement Insurance (Medigap) has a relatively simple enrollment process. If you choose to enroll in one of these plans, you will need to do so during a specific time of the year or when you first become eligible. Individuals who have just become eligible for Medicare can enroll in a Medigap plan with little hassle as many as 6 months after their eligibility date.

Medicare Supplement Insurance

Medicare Supplement Insurance (Medigap) allows Original Medicare beneficiaries to sign up for additional benefits that can be used to pay off the cost that remains after Medicare has paid their portion for health care services. Most people sign up for Medicare Supplement plans because they feel they use their Original Medicare enough to make the investment worthwhile. Though, others may hold on to the policy just in case. You can use Medigap benefits with any provider that is approved by Medicare, so you won’t have to worry about finding ways to use it.

How To Enroll In Medicare Supplement Insurance

If you need Medigap insurance and you are approaching age 65, you will have a 6-month period that starts the first day of the month you’re 65 or older and enrolled in Part B. During this period, you can buy a Medigap policy regardless of your health condition, as there will be little or no underwriting. You could also enroll during an open enrollment period, which occurs annually. 

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Who Needs Medigap Insurance

Medigap is best for individuals who struggle to pay their out-of-pocket health care costs after using Medicare to pay the approved amount. Typically, Medicare plans will handle all but 20% of the cost of approved health care services because there is coinsurance attached to most benefits payouts. Thanks to the wide variety of coverage options currently available, a Medigap plan can allow for significant long-term savings.