Turning 65? Need a Medicare supplement plan?
Finance & Planning | Apr 16, 2015
If you are turning 65, then you are eligible to sign up for a Medigap policy. Those who fall into this category will want to enroll soon, as waiting too long could be more costly.
According to Medicare.gov, insurers are required to provide Medigap protections, also known as guaranteed issue rights. This means they have to sell you a Medigap policy, they're required to cover any pre-existing conditions and they can't charge you more if you have had health problems in the past or you are currently in a poor state of health.
Medicare.gov noted that the best time to buy a Medicare supplement insurance policy is within six months of the first day of the month in which you're 65 and enrolled in Part B. For example, if you turn 65 and are enrolled in Part B in July, then the best time to get a policy would be from July to December. While this time period could vary in certain states, generally once the open enrollment period ends, options in getting a policy could be limited and might cost more.
Find help navigating the marketplace
As finding the most comprehensive policy and insurance company can seem overwhelming - what with so many options available - consumers often turn to unbiased price comparisons tools for help.
SelectQuote is a Medicare insurance marketplace that lets Medicare eligible individuals get assistance in determining their coverage needs, allowing them to compare plans across more than 20 top-rated companies. Those who are shopping for a Medicare Supplement plan will easily be able to distinguish prices and coverage, saving them time and money.