Articles and Guides
When is the right time to Purchase a Medigap Policy?
The best time, indeed one of the only times you really should purchase your Medigap Policy is during your Open Enrollment Period. Your open enrollment period to apply for Medicare Benefits begins on the first day of the month in which you are both over65 years of age, and have already enrolled in Medicare Part B. Open enrollment continues for 6- months subsequent to that.
How Do I Get the Lowest Rate on Medigap Insurance?
Remember that Medigap polices are standardized. So when comparing rates, the first thing is to make sure you are comparing apples to apples – in other words if you are looking at the premium costs for Plan C from one company, make sure you are comparing the rates to another company offering Plan C. Again we recommend you work with a broker, who can help you find the right Medigap plan for you.
Changes in Medigap Insurance
In attempt to make the "alphabet soup" of Medigap Plans a little less confusing, and to eliminate redundancy, as well as to offer Medicare consumers some more affordable options, in 2009 the National Association of Insurance Commissioners (NAIC) proposed some significant changes to the standardized Medigap Plans. This included the elimination of some plans and the addition of others.
Is Medigap the Same Thing as Supplemental Insurance?
Yes, and no. You may have heard of Medigap insurance as well as of Supplemental Medicare Insurance, or a Medicare Supplemental Insurance Policy. When the plans were first introduced in the 1990’s they were referred to as Supplemental Medicare Insurance. More recently the generally accepted term has been Medigap Insurance. So "Medigap" and Supplemental Medicare Insurance are the exact same thing.