The best time to buy a Medicare Supplement Insurance (Medigap) policy is during your Medigap Initial Enrollment Period. In short, Initial Enrollment is six months from the first day of the month of your 65th birthday or within six months of when you sign up for Medicare Part B. During your Initial Enrollment Period you have the right to buy any Medigap policy. If you don't purchase Medigap during your Initial Enrollment, however, there are still certain situations where you may have a guaranteed right to buy a Medigap policy. These situations are called "guaranteed issue" rights.
What Are Guaranteed Issue Rights?
Guaranteed issue rights are when insurance companies must offer you Medigap policies even if you are not in your Initial Enrollment Period. If you qualify for guaranteed issue rights, then insurance carriers must sell you a Medigap policy, must cover all your pre-existing health conditions, and can’t charge you more for a Medigap policy even if you have health problems.
When Do You Have Medigap Guaranteed Issue Rights?
There are many specific situations when you qualify for guaranteed issue rights, but in short, you usually have a guaranteed issue right when you have health care coverage that changes in some way. For example, if you lose your health care coverage, then you'll be have guaranteed issue rights for Medigap.
For more information on whether your specific situation qualifies you for guaranteed issue rights, please contact us and one of our qualified agents will be happy to help.
