Buying Supplemental Medicare Health Insurance
Learn How to Properly Purchase Insurance Supplemental Plans
Oct 15, 2009
After learning what Medigap supplemental insurance is, how different supplemental Medicare plans are rated, and how best to compare the costs of Medigap insurance supplemental plans, you've finally selected the supplemental insurance plan that's right for you.
The next step is to actually purchase supplemental insurance, and the following guide (culled from Medicare.gov's "Choosing a Medigap Policy") provides helpful tips on purchasing a sound health insurance option from private insurance companies (such as Humana and Aetna):
Application Process for Medigap Insurance Supplemental Plans
If you fill out the application yourself, make sure to answer every question and consult your insurance agent if anything is unclear. If the insurance agent fills out the application, be sure to review it carefully. Remember that when applying for Medigap supplemental insurance, you cannot be refused coverage based upon any of your answers if you are applying within your open enrollment period or qualify for a guaranteed issue right.
Paying for Medigap Insurance Supplemental Plans
When you purchase a supplemental Medicare plan, be sure to make any payments payable to the private insurance company, and not to the individual insurance agent with whom you consulted before purchasing a Medigap plan. As for a method of payment, medicare.gov recommends the following: check, money order, or bank draft. If you are comfortable with electronic payments, and have set them up through your bank, most insurance companies can do this at no additional cost. Make sure your insurance company provides electronic receipts for your records, and that the cost of your premium matches the payment made.
Activating Medigap Insurance Supplemental Plans
Your supplemental insurance, after purchase, usually begins on the first of the next month from when you applied. If you would like one of your supplemental Medicare plans to begin on a particular date, be sure to indicate this to your insurance agent at the time of your application or purchase. While it is rare, if for some reason your private insurance agent refuses to grant a requested start-date, contact your State Insurance Department.
Receiving Medigap Insurance Supplemental Coverage
You should receive your supplemental insurance policy no later than 30 days from the time of purchasing. If 30 days have elapsed, and you still have not received your supplemental Medicare plan, contact your State Insurance Department.
Remember that customers who purchase Medigap supplemental insurance have 30 days to review and evaluate the coverage, something called a "free look" period, during which you can decide if you've chosen the right health care option for you.
Additionally, it is important to know when purchasing Medigap insurance supplemental coverage that it is illegal for an insurance company to knowingly sell you a Medigap policy if you already have one. And if purchasing supplemental Medicare coverage to replace an active Medigap policy, only cancel your unwanted policy after your new supplemental coverage has been activated. For additional information, visit Medicare.gov or click on the additional resources linked in the beginning of this article.
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