You can buy a Medicare Supplement plan anytime, but the best time is during your Medigap Open Enrollment Period. Your enrollment period begins the 1st day of the month you’re at least 65 years old and your Medicare Part B is in effect.!!
This time frame will last six months. During this time, you can buy a Medicare Supplement, or Medigap, plan without having to go through medical underwriting. You can find a full list of Medicare enrollment periods here.
Is it Necessary to Buy Medicare Supplemental Insurance?
This depends on your current health and financial situation. It’s not necessary to buy Medicare Supplement insurance. However, if you’re able to afford it, it’s something you should get. It will give you financial protection from the out of pocket costs that Medicare doesn’t pay for.
If you were to get sick or needed additional care as you got older, this is where Medigap insurance can help. It’s also great if you travel outside the United States and needed emergency care. You can read more about Medicare coverage overseas here.
How to Buy Medicare Supplemental Insurance?
There’s a few ways you can buy Medicare Supplemental insurance. One way is to call a Medicare agent that’s licensed in your state. Another way is to submit your information online using a quote tool.
Either way, you’ll need to provide some personal information to get an accurate quote. Your rate is dependent on many personal factors such as your location, age, gender, etc.
Where to Buy Medicare Supplemental Insurance?
Medicare beneficiaries can buy Medicare Supplemental insurance through a private insurance carrier or Medicare insurance broker. It’s recommended to buy Medigap insurance through a broker.
This is because you’ll be able to compare prices with multiple private insurance carriers. If you go directly through a carrier, they will only be able to quote you their prices.
It’s extremely important to vet and compare prices with all the carriers that offer Medigap plans in your area. Since all plans are regulated by the government, the benefits will be the same regardless of what carrier you choose to go with. The only difference is the prices the carriers charge for the plan.
It’s also important to know what type or Medigap rating method a carrier uses when determining your premium. Just because one carrier might charge less at the time you enroll, you may pay more overtime. Read more information on Medigap premium pricing methods here.