Every day in the US, around 10,000 people celebrate their 65th birthday. This is also when you become eligible for Medicare — a health insurance program that helps you manage your healthcare needs as you age. If you have just turned 65 or are close to it, it’s important that you know about Medicare and its available options, like Medicare Supplement insurance (Medigap).

Are you interested in learning about Medicare Supplement insurance and how to enroll in it properly? If so, you’ve come to the right place. This Supplemental Medicare provider in Valparaiso, Indiana is going to explain below.

Here’s why you should consider Medicare Supplement insurance.

Medicare covers major healthcare costs like hospital stays or doctor visits, but it does not cover everything. This is where Medicare Supplement insurance becomes useful. Medicare Supplement insurance is sold by private insurance companies, and it covers some of the costs that Original Medicare does not, like deductibles, copayments, and coinsurance.

In 2015, 25% of all Medicare beneficiaries also bought a Medigap policy to manage these extra costs. This coverage makes it easier for seniors to predict and manage their healthcare costs, even though they must pay a monthly premium to enjoy this coverage.

As an experienced Supplemental Medicare provider in Valparaiso, Indiana, we can vouch that having a Medigap policy really helps. For example, millions of Medicare beneficiaries without this extra coverage faced hefty bills for COVID-19 treatment just a couple of years ago. Medigap policies also offer additional benefits, such as coverage for emergency foreign travel, giving you even more peace of mind.

When is Open Enrollment for Medicare Supplement plans?

The ideal time to enroll in a Medicare Supplement plan is during your initial open enrollment period. This special six-month period starts the day you turn 65 and are enrolled in Medicare Part A and Part B.

We recommend buying a Medigap plan during your initial open enrollment period, because that’s when you have a guaranteed issue right. This means the insurance company cannot deny your coverage or charge extra because of your health conditions. This six-month period gives you the chance to get the most affordable rates for the best coverage. In other words, if you wait too long, you might not get as good of a deal.

What if you miss the Open Enrollment period?

If you missed your initial Medigap open enrollment period, your options may be somewhat limited. Depending on your state and your health, you might have to pay higher premiums. Of course, you may also not be able to get a Medigap plan at all, depending on the circumstances.

As any Supplemental Medicare provider in Valparaiso, Indiana will tell you, the ideal time for seniors to enroll is during this period. If you miss the enrollment window, you might still be able to enroll in a Medigap plan — however, the process can be a little more challenging and time-consuming.

Looking for a Supplemental Medicare Provider in Valparaiso, Indiana?

If you are approaching 65, or are already eligible for Medicare, now is the time to consider your Medicare Supplement options. Are you ready to meet with a Supplemental Medicare provider in Valparaiso, Indiana that can help you review your options and guide you through the enrollment process? If so, Senior Care Insurance Services (SCIS) is here to assist you.

When you meet with our agents, we will help you understand the open enrollment process, compare different Medigap plans, and pick the best plan for your needs. Contact us today to begin the process.