Are You Serious About Purchasing A Medigap Policy? Get Help From Someone You Trust And Follow These Four (4) Steps
- Gloria Moses
- Jan 17, 2024
- 4 min read
Purchasing a Medigap Plan is a very important decision. To ensure success, we recommend that you follow the four (4) steps in this post and speak to a family member or friend you trust before you finalize your purchase. As you are shopping, you want to make sure you select a Medigap Plan that is right for you and that you know all the facts about selecting a Medigap Plan beginning with the following: All insurance companies do not offer all of the Medigap Plans and different insurance companies may offer the same Medigap Plan but charge different amounts. For instance, Plan A at Insurance Company #1 may have a $150 monthly premium but Plan A at Insurance Company #3 may have a $160 monthly premium for the same benefits.
Here are four (4) steps you should follow if you are serious about buying a Medigap Plan:
STEP 1 - DECIDE WHICH PLAN YOU WANT - Read previous posts
STEP 2 - PICK YOUR POLICY
STEP 3 - CONTACT THE INSURANCE COMPANY
If you are not sure which Insurance Companies sell Medigap polices, you should contact the following:
Your State Health Insurance Assistance Program and ask for a Medigap rate comparison shopping guide for free help in selecting a Medigap policy.
Refer to the "Getting Started with Medicare Supplemental brochure" from Medicare.gov - This will give you information about insurance companies that sell Medigap policies in your state, tell you what each Medigap plan covers and how insurance companies decide what to charge you for a Medigap policy premium.
Think about someone you trust--speak to a family member, church member, someone you work with, or a friend who has a Medigap policy.
Ask specific questions when you call the insurance companies to compare plans, such as "Are you licensed in my state to sell Medigap Policy G?" or "Is there a waiting period for pre-existing conditions?" or "Have you had a premium increase in the last three years? If not when are you expecting an increase?" Or, "Do you offer any discounts or additional benefits?"
There are things that you should watch out for when purchasing a Medigap Policy:
No one should pressure you, lie or mislead you to switch from one company or policy to another.
No one should sell you a Medigap policy if they know you already have one, unless you are buying one Medigap Plan and cancelling another Medigap Plan. If so, you will need to provide this change in writing.
No one should sell you a Medigap policy if they know you have Medicaid. Of course, there are exceptions.
No one should sell you a Medigap policy if you have a Medicare Advantage policy unless you are cancelling your Medicare Advantage policy when your Medigap policy begins. There should not be any gaps in coverage.
No one should claim that Medigap is part of MEDICARE or any federal government program. Medigap is a private health insurance plan.
No one should claim that Medicare Advantage policy is a Medigap policy.
No one should sell you a Medigap policy that cannot be legally sold in your state. To confirm, you can always contact your State's Insurance Department.
No one should misuse the names, letters, or symbols of the following or suggest that your Medigap policy has been approved or recommended by the federal governement:
1. U.S. Department of Health and Human Services (HHS)
2. Social Security Administration (SSA)
3. Centers for Medicare & Medicaid Services (CMS), or
4. Any other federal government agency
No one who works for a Medigap insurance company should claim to be a MEDICARE Representative.
No one should sell you a Medicare Advantage Plan when you tell them that you want to stay with Original Medicare and buy a Medigap policy. Remember, you cannot be in a Medicare Advantage Plan and a Medigap Plan at the same time.
STEP 4 - BUYING YOUR MEDIGAP POLICY
Once you buy your Medigap policy, your insurance company should provide you a written summary of your policy. Read it carefully and ask questions for clarity
Fill out your application clearly and completely, including medical questions. The answers you provide will detemine your eligibility for a Medigap Open Enrollment Period or guaranteed issue rights. For either, the insurance company can't use medical answers you give as a reason to refuse a Medigap policy or change the price. The insurance company also cannot ask questions about your family history or require you take a genetic test.
Pay for your Medigap policy. Your payment options will include electronic funds transfer, which lets you set up a recurring payment to automatically debit your checking account or credit card. You can also pay by check, money order or bank draft. You should never make payments payable to an Insurance agent. All payments should be payable to the insurance company and you should receive a receipt of payment from the insurance company for your records.
Start your Medigap policy. Your Medigap policy should be effective when you want your coverage to start. Generally, most Medigap policies are effective the first of the month after you apply for coverage. If your insurance company doesn't make your Medigap policy effective for the month you want, contact your State Insurance Department. If you don't get your Medigap policy like your Medigap card or proof of insurance, in 30 days, contact your insurance company. If you do not receive your Medigap policy in 60 days, you should contact your State Insurance Department.
We hope the information in this post has been helpful. Remember, if you want to learn more or if you need a quote for Medigap, Life or other senior or people under 65 insurance
products, you can contact Benefits-4-Retirees. We are available to assist you. Thank you.
"I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts." ~ Abraham Lincoln
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