The Medigap (also known as Medicare Supplement) Open Enrollment Period begins on
the 1st day of the month in which you turn 65 and are enrolled in
Medicare Part B, this period lasts 6 months.
You may be wondering what is so good about this open enrollment period –
let me give explain.
During Medigap Open Enrollment Period an insurance company can’t ask you any
health questions! This means that
the insurance company cannot:
Refuse to sell you any Medigap policy they sell
Make you wait for coverage to start
Raise your rates due to health conditions
As of March 2010, the insurance company cannot make you wait for coverage to
begin however they may be able to limit coverage for pre-existing conditions, if
you did not have credible coverage.
What’s credible coverage – certain types of health policies (ex: Major Medical
Policy, Group Health Insurance). Please
know that some companies do not impose pre-existing conditions on Medigap
Policies; however, the ones that do usually only have a 90 – 180 day waiting
In basic terminology the Open
Enrollment Period is the best time to sign up for a Medigap policy, commonly
referred to as Medicare Supplement, because you can be asked no health questions
from the insurance company you choose. In other words John Doe can be diagnosed
with cancer, heart disease, or any other medical condition and cannot be turned
down for a Medigap Policy during this time frame.
They cannot rate John Doe’s Medigap policy up or make him wait for
coverage to begin. This is why signing up
for a Medigap policy during the Open Enrollment Period is so important.