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When is the Best Time to Buy Medigap Coverage?

According to the Medigap website, the best time to enroll in Medigap policy is during the six month Medigap enrollment period which begins the month a person is 65 and has already enrolled in Medicare Part B.

Missing the enrollment period, often means that you will not be able to enroll. The most popular plans might already be closed. Therefore, it is best to buy what you need right away.

However, for individuals who did not buy a Medigap policy during the six-month open enrollment period, there are other ways you may search for a policy. The first route to take is visit the Medicare.gov website where under the “Supplements and Other Insurance” tab you will find a tool to help you compare Medigap policies.

When shopping for Medigap insurance remember that by law, all policies provide the same basic benefits. The only difference between the policies is the price. Depending on what you want and need make certain to compare deductible and co-pay amounts prior to buying a plan. If you want to localize a search to your home area, the Medicare.gov website can assist with that as well. Medicare supplemental plans can be found by clicking on “Find Health and Drug Plans,” which appears as a menu choice under the “Sign Up/Change Plans” tab.

Another way to find a Medigap policy, if you did not register during the enrollment period, is to check insurance company websites or talk to the AARP. Lastly, do research on the possibility of using Medicare Advantage Plans.

Before signing up for Medicare Advantage, make sure to have laid out the benefits you require and have an established budget. This is because some premiums may cost more than having a Medicare plan with a Medigap supplement.

Taking the time, before the enrollment period begins, to acquaint yourself with your options can save you time and money when choosing a Medigap plan.