Keith Williams Insurance Associates

Medicare Supplement policies, also known as Medigap policies, are health insurance policies sold by private insurance companies that are meant to fill in the ‘gaps’ from original Medicare coverage. It can be tough when choosing the right policy to fit your needs. We always recommend allowing a licensed insurance professional assist you in finding the right plan. Below is a brief overview of Medigap coverage.

A Medigap policy helps to cover part of Medicare-approved amounts left behind by Original Medicare. Medigap insurance companies are only allowed to sell what are called “standardized” policies. These policies are identified by the letters A through L and all must offer the same basic benefits, no matter which insurance company sells them. Cost is usually the only difference between different insurance companies’ policies.

You are guaranteed the right to purchase a Medigap policy when you are in your open enrollment period and also when you have a guaranteed issue right. Your open enrollment period is a six month window starting on the first day of the month in which you turn 65. During this time, an insurance company cannot use medical underwriting, which means they cannot refuse to sell you any Medigap policy they sell, make you wait for coverage to start, or charge you more for a Medicare Supplement policy because of your health problems. Insurance companies will allow you to apply for Medigap policies in the three months before your birth date; however, the Medigap policy will not go into effect until you are enrolled in Original Medicare.

Your guaranteed issue rights are rights you have in certain situations when insurance companies are required to sell or offer you a Medigap policy. One instance of guaranteed issue rights is if you have Original Medicare as well as an employer group health plan or union coverage that pays after Medicare pays. In this case, you would have a 63 day window from the date your other coverage ends to be put on a Medigap policy.

At Keith Williams Insurance Associates, we would love to help make this process easier for you or your loved ones. We can find you the right plan for the right price. If you or a loved one would like more information about Medigap insurance, contact our office and allow us to meet with you and assist you in becoming better informed.

Keith D. Williams
Keith Williams Insurance Associates