Why Should You Consider Medigap When You Turn 65? Insights from a Medicare Supplement Broker in Northwest Indiana

When you turn 65 and first sign up for Medicare Part B, a six-month clock starts ticking, so to speak. This is known as your Medigap Open Enrollment Period, and these six months are the best time to buy a Medicare Supplement plan (or Medigap). Are you interested in learning why? This Medicare Supplement broker in Northwest Indiana is going to explain below.

The benefits of buying a Medigap plan when you turn 65

  • You can choose any Medigap policy you want: There are ten types of Medigap plans (named by letters A to D, F, G, and K to N), and individuals are free to choose any plan that is offered in their state.
  • You might find better pricing and more options: Since insurance companies can’t say no to you (or charge you more) because of your health, your Medicare Supplement broker in Northwest Indiana might be able to find you a better deal now than you would find later.
  • You don’t have to worry about a past health issue: Even if you have a pre-existing condition (a health problem you had before new health coverage starts, like asthma, diabetes, or cancer), the insurance company cannot use that against you to deny you insurance during these six months.
  • You can avoid waiting periods for pre-existing conditions: If you already have some form of health insurance, also called “creditable coverage,” you may not need to wait to receive coverage for any condition you had before your new insurance. If you are uncertain whether your past insurance qualifies, your insurance broker can help you figure that out.

After this six-month enrollment period, your options may not be the same. You might not be able to buy a Medigap policy, or you might have to pay more for it. And unlike other Medicare enrollment periods, this six-month window does not come around each year.

What happens if you don’t sign up on time?

If you do not sign up during the Medigap Open Enrollment Period, here’s what could happen:

  • You might have to pay more money for your Medigap. The cost of insurance might increase after the enrollment period has passed.
  • You will likely have fewer plans to choose from.
  • You could be denied insurance. Insurance companies can examine your medical history when you are applying for insurance, which is a process called medical underwriting. This means they might reject your Medigap application based on your health.

It’s important to note that there are some special situations called “guaranteed issue rights,” where you can still buy a Medigap policy without the abovementioned problems. In these situations, you won’t be subjected to medical underwriting when applying for a Medigap plan. If you believe you this applies to your situation, your Medicare Supplement broker in Northwest Indiana can walk you through your options.

What if you are under 65 and have Medicare?

If you are younger than 65 and only have Medicare because of End-Stage Renal Disease (ESRD), things might be slightly different. Fifteen states and the District of Columbia don’t require insurance companies to offer Medigap policies to Medicare beneficiaries younger than 65. The rest (including the State of Illinois) do require insurance companies to make at least one type of Medigap policy available to people enrolled in Medicare who are younger than 65.

You can check out the complete list to know if you can buy Medigap in your state if you are under 65 and have Medicare.

Looking for a Medicare Supplement Broker in Northwest Indiana?

Choosing a Medigap plan can be hard work, but you don’t have to do it alone. As the most trusted Medicare Supplement brokers in Northwest Indiana, our team at Senior Care Insurance Services (SCIS) is here to help you understand your options and find a plan that fits your unique healthcare needs. Contact us today to schedule a free consultation with our team.