If you're considering a Medicare supplemental plan then it's best to secure it during this specific time.
"The best time to buy a Medigap policy is during your Medigap Open Enrollment Period," the government says online."This is the 6-month period that starts the first day of the month you're 65 or older and signed up for Part B. After this period, your options to buy a Medigap policy may be limited and the policy may cost more."goes into further detail.
"Medigap plans are guaranteed renewable each year even if you develop a health problem, as long as you continue to pay the monthly premium," the company notes."Outside open enrollment, signing up for Medigap can be costly. Outside open enrollment, insurance companies can charge a higher premium for pre-existing conditions or even refuse to provide service at all."
If you fall into the above time frame — or have a loved one who will — then it makes sense to start shopping around for a supplemental plan.Filling in the coverage gap left by regular Medicare is the primary benefit of a Medigap plan.Medicare supplemental plans are guaranteed renewable, meaning that as long as you pay your premiums on time, your plan can never be canceled, regardless of your health status.
While you may still have some balances left even after the supplement has been applied, it's likely to be significantly less than it would have been without it. That peace of mind is priceless, particularly in today's economy, with still stubborn inflation and higher borrowing costs. If you can take care of one financial concern here to focus somewhere else,Most experts agree: The very best time to buy a Medicare supplemental plan is during your open enrollment period.
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