When you are speaking to insurance representatives about Medigap A Medigap is a supplemental health insurance policy that is sold by private insurance companies and works only with Original Medicare. Medigaps pay part or all of certain remaining costs after Original Medicare pays first. Depending on where you live and when you became eligible for Medicare, you have up to 10 different Medigap policies to choose from, each with a different set of standardized benefits. Â policies, here are some questions to keep in mind:
- Am I enrolling while I am in my open enrollment period? If not, do I have a guaranteed issue right?
- What is the Medigap policy’s monthly ?
- Is this premium based on my:
- Health status
- Gender
- Smoking
- Marital status
- Or anything else?
- Are the premiums:
- No-age-rated (community-rated), meaning everyone in my area pays the same premium regardless of their age?
- Issue-age-rated, meaning the premium is based on how old I was when I bought the policy?
- Attained-age-rated, meaning the premium increases based on my age?
- Will the company refuse to sell me a Medigap based on my health status?
- Does the policy impose a
pre-existing condition waiting period
The waiting period is the time between signing up for a Medigap and the start of coverage. This waiting period is generally imposed if you have a pre-existing condition and have not had prior creditable coverage for a certain amount of time.
?
- How long is the waiting period before my coverage begins?
- Do I have prior creditable coverage Creditable coverage is used in two different ways. In general, it is coverage that gives you the right to buy or switch health insurance coverage without penalty, restriction, or waiting period. Different types of health insurance have different creditable coverage requirements. For Medigap policies, certain health insurance coverage you had within 63 days of securing a new policy can be used to shorten the waiting period for pre-existing conditions. This type of coverage that shortens the waiting period would be called creditable coverage. For Part D, creditable coverage is prescription drug coverage that is evaluated by an actuary and determined to be as good as or better than the basic Part D benefit. If you have creditable drug coverage, you can delay enrollment without penalty. Medicare Part A and Part B enrollment is NOT affected by prior creditable coverage. to reduce my waiting period?
Other considerations
- If you do not have the right to buy a Medigap, ask the insurance representative how much extra you will be charged for purchasing one.
- If you are under 65, make sure the company you are considering sells to individuals under 65.
- Remember to keep track of who you spoke with, when you spoke with them, and the outcome of the call.