When to buy Medicare advantage plans insurance

Within the Open Enrollment Period ofMedigap is the best time to buy Medicare advantage plans insurance, also knownas Medigap. This period lasts 6 months and begins on the 1st day of the monthin which you are age 65 years or older and enrolled in Medicare Part B.Therefore, if you turn 65 years on April 3 and do not join Medicare B, youropen enrollment Medigap will not be available until May 25. The period beginson 1st of June, the first day of the month when both are 65 years ofage are enrolled in Part B.

Note: Once your open registration period begins, it cannot be delayed or replaced.

In some states there is a period of open enrollment for qualified persons below age 65 years and another period of enrollment when they are 65 years old. If you are below 65 years, contact your state’s insurance department for guidance.

Why is it imperative to purchase aplan during the open registration period?  Medigap insurance corporations usually conduct a medical risk assessment to decide whether to accept your application and what the insurance rates are. However, during your open enrollment period, an insurance company cannot do any of the following, even if you have a disability or health challenge:

  • Refuse to sell your offered Medigap policies.
  • Set a higher premium than others who are 65 years or older.
  • Delay the commencement of your coverage.

What is a waiting period for pre-existing condition?

Although an insurance company cannot delay the start of general coverage during open registration, in some cases it may mean that you are waiting for coverage related to an existing condition.

If the Medigap insurance firm has a pre-existing conditional waiting period, you can refuse to pay up to 6 months for the pending costs of the services associated with this condition. (Original Medicare continues to cover the condition within this period, but you must pay all co insurance or co payments.) Medigap Insurance will cover the cost of the existing condition after 6 months.

A Medigap insurance company can onlydelay insurance coverage if the illness has been treated or diagnosed within 6months prior to the start of insurance.  Can you prevent or reduce the waiting time?

You can avoid or reduce the waiting time for existing conditions if you satisfy all of the following criteria:

  • You are buying a Medigap plan during your open registration period.
  • You replace a health insurance.
  • You had at least six months of uninterrupted priority coverage.
  • You had no interruption in coverage for more than 63 days.

If you buy a plan and you have aguaranteed issue right, the insurance company will not apply a waiting periodfor pre-existing condition.  What happens if I hope to sign up forPart B of Medicare?  In most cases, it is best to sign up for Medicare Part B when you are first eligible to avoid late enrollment in Part B.