Medicare Supplement Plans (Medigap)
A Medicare Supplement Insurance policy (also called a Medigap policy) is health insurance sold by insurance companies to fill gaps in your Original Medicare coverage.
Medigap policies are used to help assist you in paying for your copayments, or deductibles of Medicare covered services.
Medicare Supplement Insurance companies can only sell you a "standardized" Medigap policy identified by letters A through N.
Since a Medicare Supplement Insurance company can only sell you a "standardized" Medigap policy each policy must offer the same basic benefits, no matter which insurance company provides the insurance. Cost is usually the only difference between Medigap policies sold by different insurance companies. That is why it is so important to get the best price on your Medigap coverage.
The Medicare Open Enrollment Period begins on the first day of the month in which you are both 65 years of age (or older) and you are enrolled in Medicare Part B. This period lasts 6 months. When did your period begin?
This is the best time to purchase a medicare supplement because an insurance company cannot turn you down, apply any conditions, or charge more due to a health problem. Insurance companies can apply a waiting period for pre-existing conditions to your medigap policy, but that can be eliminated or shortened if you have had prior credible coverage.