Medigap Open Enrollment
You can buy a Medigap policy within the first six months of Medigap Open Enrollment. This period starts when you are 65 or older and are enrolled in Medicare Part B. You will have six months to enroll in a Medigap plan, and can’t be turned down because of medical reasons.
Medicare Eligibility
You first become eligible for Medicare when you turn 65, after receiving Social Security Disability Insurance for 24 months, or if you have End-Stage Renal Disease. Your Initial Enrollment Period for Americans turning 65 begins three months before the month you turn 65 and ends three months after. Those qualifying from SSDI can begin enrollment after the 24 months pass.
Those with End-Stage Renal Disease do not have to wait the 24 months but instead can receive benefits three months after beginning a course of dialysis. When you enroll for Original Medicare, you receive Part A and Part B. People with End-Stage Renal Disease have Part A retroactive coverage for twelve months prior to becoming eligible for Medicare.
Medicare Supplement Plans
Medigap plans are intended to help cover the costs of Medicare Part A and Part B. The ten available plans are lettered A, B, C, D, F, G, K, L, M, and N. Six of these have coverage for medical emergencies within the first 60 days of travel outside of the United States.
Medigap plans were standardized in the 90s, but have undergone a few changes. As of January 1, 2020, people who become eligible for Medicare after that date cannot sign up for Plan C, Plan F, or high-deductible Plan F. These plans are still available to those who became eligible prior to that date. Plan F is the most comprehensive plan available, covering Part A coinsurance and hospital costs, Part B copayments and coinsurance, your first three pints of blood, Part A hospice, care in a skilled nursing facility, the Part A deductible, the Part B deductible, Part B excess charges, and 80 percent of foreign travel emergency care.
An alternative to Plan F is Plan G, which covers all but the Part B deductible. High-deductible Plan G is available in some states to those who become eligible for Medicare after January 1, 2020. Compared to regular Plan G, it has lower monthly premiums. Once the deductible is paid, the coverage kicks in and expenses are covered.
Medicare Supplement plans are guaranteed renewable. If you lose your plan’s coverage and are in the market for a new Medigap plan, you will not need to have a medical exam to qualify for participating plans. One important note about Medicare Supplement plans is that you cannot have both a Medigap plan and a Medicare Advantage plan. You can have either Original Medicare and a Medicare Supplement or a Medicare Advantage plan.
