Choosing a Medicare supplement insurance plan (also called "Medigap") is an important decision. Only you can decide if one of the Medicare supplement standardized plans available is the way for you to supplement your Medicare coverage and which Medicare supplement plan fits your needs and budget. If you decide that it's time to buy a Medicare supplement insurance policy, refer to this guide, which walks you through the common steps.
Steps to Applying for Medicare supplement Insurance
After you've identified your need for a Medicare supplement policy, select the policy plan that fits your situation. Our chart shows you the benefits of the various Medigap insurance plans available. Remember, these plans are standardized across insurance companies. Medigap insurance from different companies have different rates, but the plans must have identical benefits.
1. Determine Benefits
Decide which benefits you want, then see which of the Medicare supplement Plans A through N meets your needs. Think about your current and future financial situation and your medical status. Take stock of what you can expect your Medicare plan to pay and what you can afford to pay out of pocket. Examine the chart to see each plan’s benefits.
2. Find the Insurance Companies Selling Medicare supplement Policies in Your State
The next step is to find insurance companies offering Medicare supplement where you live. Information on insurance companies selling Medicare supplement policies is available from your State Insurance Department and State Health Insurance Assistance Programs. They will have information on complaints, financial strength and reliability.
3. Determine your Eligibility
You will want to know whether you are currently in your Medicare supplement open enrollment period or have a guaranteed issue right.
During open enrollment, Federal law allows you to purchase any Medicare supplement policy that's sold in your state. This six month period begins in the first month that you are covered under Medicare Part B and age 65 or older. During open enrollment you cannot be denied, or charged higher rates, because of pre-existing conditions or current health problems.
A guaranteed issue right covers certain situations in which an insurance company is required to sell or offer a Medicare supplement insurance policy. If you are covered by this right, you cannot be denied a Medicare supplement policy.
4. Apply for Medicare supplement Coverage
You’ll complete an application and other required federal and state forms. As with all important contracts, review and verify the details on the forms and ensure everything is accurate. If your application for coverage is accepted and issued, your Medicare supplement coverage usually begins the first day of the month after you apply.
