Why Is Your Medicare Supplement Open Enrollment Period The Best Time To Buy A Medigap Policy?
Your golden opportunity to get the Medigap policy you want comes one time — during your Medicare Open Enrollment Period. This is when you’re asked no questions about your health, when your access to your perfect plan is unrestricted. It’s a 6-month window you don’t want to miss if you want to avoid higher premiums and fewer coverage options lasting a lifetime.
It gets confusing, but note that your Medicare Supplement Open Enrollment Period is not the same as the other Open Enrollment time, known officially as your Annual Election Period, which happens each October. There is no fixed date for the Medicare Supplement enrollment period; it varies, person to person.
Quick facts:
- Your Medicare Supplement Open Enrollment happens only once
- It lasts 6 months
- You can shop all the Medigap plans, A to N
- If you missed it, you face medical underwriting to change plans
- If you’re under 65 you get a second chance to enroll when you turn 65
When does my enrollment period begin?
The day your Part B coverage kicks in is when your Medicare Open Enrollment Period begins, and lasts 6 months from the day. Keep an eye on your calendar so you don’t let it go by!
The majority of seniors start Part B when they turn 65, although people who are getting employer-sponsored health care will wait for retirement to enroll in Part B.
If you have a disability, you can get Medicare before turning 65. Your 6-month open enrollment for a supplement plan will start when you sign up for Part B, and you’ll get a second chance running 6 months after your 65th birthday. The double window is because not every state offers people under 65 the complete suite of Medigap plans. Some states offer only Plan A to younger seniors. On your second pass, you have full access to find the exact right plan.
A way to “game” the system
Not everyone knows that you can apply to Medicare early, and when you get your Medicare claim number you can apply for a Medigap plan any time before your Part B coverage begins. This way you can sidestep the medical underwriting process and start getting the benefits of a supplement plan before you’re 65.
Can I buy a Medigap plan any time I want?
Yes, but with the caveat that in most states you’ll be asked questions about your health by the insurer who can deny you coverage, unless you’re in your one-time open enrollment period or protected by a “guaranteed issue right.” There is a lot of variation state to state on annual enrollment windows. For example, Maine allows seniors to switch Medigap plans any time of the year, and California and Oregon have “birthday rules” allowing enrollees a 30-day window after their birthday every year to switch plans with no medical questions asked.
What happens during the Annual Election Period?
Also known as the fall Open Enrollment Period, the AEP is designed specifically to allow people to change Medicare Advantage and Part D prescription drug plans. Seniors fall into the trap of thinking this is a chance to buy a Medigap plan with no medical underwriting involved. It isn’t.
The AEP happens annually from October 15th to December 7th, and is important only if you’re looking to change your Part D or Medicare Advantage plans. You can switch Medigap plans any time of year, but get ready to answer questions about your health.
What if I skip my Medigap enrollment because I’m still working?
You can think you’ve got your bases covered and get Part A and Part B at age 65 to add coverage on top of your group health plan. Then, when you retire, you find out your Medicare Open Enrollment window has slipped away. The good news is, you’re still okay. Since you can show you had creditable coverage, you have a 63-day guaranteed issue window to enroll in Medigap plans A, B, C, F, K, or L with no medical underwriting. Note that plans G, M, and N are not offered during your GI enrollment period.
Still confused? Call us!
We’re here at 833-245-0614 to answer any questions, and ready to help with any issues you might have with an insurer through the enrollment process.
Table of Contents
FAQs
What are the best Medicare supplement plans?
- Best overall Medicare supplement for new enrollees: Plan G.
- Best overall Medicare supplement before 2020: Plan F.
- Best low cost Medicare supplement: Plan K.
- Best alternative to Plan G Medicare supplement: Plan N.
What is a Medicare supplement plan?
Medicare Supplement policies are private health insurance designed to cover gaps in Original Medicare. They are also known as Medigap plans. These take care of costs such as copays, coinsurance, and deductibles which can become expensive if you need regular care from a doctor or hospital. If you need medical care while traveling outside the U.S., you can buy Medigap policies to help cover those costs. As a supplement to Original Medicare, you’re required to have Part A and Part B before you canget a Medigap policy. This way, Medicare is responsible for the Medicare-approved costs of the covered care, and the remainder is covered by your Medigap plan.
What is the most expensive Medicare supplement plan?
Optimal coverage comes with higher costs, making Plan F the most expensive Medigap plan. Plan F is known as “first-dollar coverage” and it takes care of everything provided during a doctor or hospital visit. Your only responsibility is for dental, vision, medications, and equipment, such as hearing aids.
Why is Plan F being discontinued?
The Federal government ended the Plan F option for new enrollees last year to keep the healthcare system from being overused by patients who had their deductibles covered. The next best coverage after Plan F is Plan G.
Is Plan G better than Plan F?
Medigap Plan G offers every advantage of Plan F except for the deductible, which you have to cover. Because it isn’t as comprehensive as Plan F, Plan G is more affordable.
What is the best and cheapest Medicare supplement insurance?
For people who don’t go to the doctor often, Plan K is worth considering. It is the most affordable because it provides just 50% of Medicare Part B coinsurance, the Part A deductible, blood, skilled nursing, and Part A hospice costs. For comparison, Plan G and others offer full coverage of these expenses, and more.
Is Medicare supplemental insurance worth it?
It’s hard to argue against plans which cut your traditional Medicare costs. For most people, having the extra coverage these supplemental plans provide is common sense, unless they want the specific features of a Medicare Advantage plan.
Do I really need supplemental insurance with Medicare?
Most people would benefit from not having to pay out-of-pocket to stay healthy. Medicare supplement insurance or a Medicare Advantage plan offer vital savings now, but are indispensable should a catastrophic health issue occur.
What is the most popular UnitedHealthcare Medicare Supplement plan?
Of the 10 Medicare-approved Medigap plans, Plan G and Plan N are the most popular. Plan F is no longer available to new Medicare enrollees as of 2020, but it is still popular among people who bought this plan prior to 2020.
How much does Medigap insurance cost?
- Plan F$128–$342
- Plan F (high deductible)$22–$88
- Plan G$106–$325
- Plan G (high deductible)$29–$58
Who qualifies for Medigap?
Before getting a Medicare supplement plan, you need to be enrolled in Medicare Part A (hospital insurance) and Part B (medical insurance). People with Medicare Advantage Plans who want to go back to Original Medicare can buy a Medigap policy prior to switching.
Is Medigap insurance worth the cost?
The security of having lower or no out-of-pocket healthcare costs can offset the premiums you’ll have to pay for whichever Medigap plan you choose, which vary depending on the benefits offered.
How Much Is Medigap per month?
The national average cost for Medicare Supplement Plan F is $1,824 annually, which is $152/month; Medigap Plan G will cost you around $143 per month.
Is Plan G the best Medigap plan?
Since Plan F was discontinued for new enrollees as of 2020, Plan G offers the most coverage for people 65 and older. It has a lower premium than Plan F and duplicates its benefits, except for the Part B deductible.
Is it better to have Medicare Advantage or Medigap?
It depends on your specific needs, but for most people a Medigap plan is very useful in supplementing the coverage of Medicare Part A and Part B. A Medicare Advantage plan is an affordable way to get healthcare coverage not offered by Original Medicare.
What is the most popular Medicare supplement plan?
Historically, Plan F has been the most popular because it covers all the out-of-pocket costs Medicare does’t pay for. This includes the 15% extra charge billed by providers who do not take Medicare as full payment.
Does Medigap cover prescription drugs?
Since January 1, 2006, no Medigap policy came with prescription drug coverage. You have two options to get covered, enrolling in either a Medicare Prescription Drug Plan (Part D) or a Medicare Advantage plan.