Medigap (Also known as Medicare Supplement Plans) is Purchased to supplement original Medicare

  • Guaranteed Issue at age 65 or coming from Group Insurance
  • Portable- All plans travel nationwide
  • The plans are Federally mandated- ALL THE PROVIDERS HAVE THE SAME PLANS
  • Guaranteed Renewable
  • Predictable rate increases because of community rating
  • Second to Medicare

Important facts:

You must have Part A and Part B

  • You pay a monthly premium for your Medigap policy in addition to your monthly Part B Medicare premium
  • A Medigap policy only covers one person
  • Medigap policies sold now do not cover prescription drugs. There is a lot of confusion on this point. Drug plans are included in many Medicare Advantage plans. Medicare Advantage plans are HMO’s that can be purchased instead of original Medicare. Medigap plans cannot be used in conjunction with Medicare Advantage.
  • If a doctor or hospital accepts Medicare then they will accept your Medigap plan and the gap coverage that it provides.
  • Like anything else you get what you pay for. Picking the right plan now can save you a ton of money later.

When to buy Medigap plans

You can apply for enrollment or switch plans at any time. This is another point of confusion. In the winter, you see a lot of TV advertising touting the “Open enrollment period” from the middle of October through the first week of December. This applies to Medicare Advantage (to change or drop plans) and Medicare approved Prescription drug plans (to change plans) not Medigap plans.

If you apply or switch Medigap plans after the guaranteed issue period (which ends 6 months after your 65th birthday or 8 months after you come off a Group plan) you will have to go through Medical underwriting. This should not scare you off if you are on a Medigap plan already, and you are generally healthy. We have many clients that are not happy with their current plan because of the price they are paying. In many cases, we can save you a significant amount of money for the same plan at a different carrier. We offer several of the top providers to choose from.

We recommend that you apply for Medigap coverage at the same time that you sign up for Medicare. You can do both 3 months before your 65th birthday. This way your coverage will start on the first day of your birthday month.

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