When you are ready to apply for a Medicare Supplement plan, there are some important considerations. Not only do you have age requirements to keep in mind, but you also want to make sure you apply for the plan during your Medicare Supplement Open Enrollment Period if possible. If you are outside of this six-month window, the insurance company can look at your health history and can decline you coverage or charge more based on your health condition. This process is called Medical Underwriting. However, there are times when you can apply for a Medigap plan and avoid medical underwriting.
During your Medicare Supplement How to Apply for Medigap in VA Open Enrollment Period, you are allowed to apply for any Medigap plan offered in your area without having to pass medical underwriting. This is a great opportunity to compare plans and costs. During this time, you will be able to see if the policy you are considering is a good fit for your needs and budget. It is also a good opportunity to research the different companies that offer a particular policy in your state. You may find a policy with the same benefits but with a lower premium than another company offers.
You can also take this opportunity to switch between the two different types of Medicare Supplement pricing plans. The two available pricing options are issue-age rated and attained-age rated. Each has its own advantages and disadvantages. Issue-age rated plans are more stable because your premium will not increase over time based on your age. Attained-age rated plans, on the other hand, have higher premiums and are subject to increases over time as you grow older.
Once you have a good idea of what plan you are interested in, it is time to shop around for the best price. You can do this by comparing the different lettered plans offered in your state and finding out what insurance companies are offering them. Be sure to consider the stability of the insurance company and their experience in providing this type of coverage. Purchasing an individual Medigap policy is a significant financial commitment and you will want to make sure the insurer is here to stay. You should also contact your State Insurance Department to check out any complaints about the insurance company you are considering. Lastly, remember that each person in your household will need to purchase their own Medicare Supplement policy. Most companies do not provide family plans. However, if you are enrolled in a group retiree plan from your employer or union and that coverage ends, it may be worth looking into an individual policy at this time. It may be easier and less expensive than switching to a new group plan at a later date. This is particularly true if the group plan has high premiums or a limited network. In this case, you may be able to save money and get better coverage by applying for an individual Medigap plan.