The process of Medicare plans enrolment for most recipients of Medicare does not finish with the coverage of Part A and B. There is a need to go for enrolment of Medicare advantage plans. This is also known as Medigap insurance policies and it helps in filling the gaps that the Traditional Medicare fails to pay.
Understand the Medigap Policies Cover
Traditional Medicare is inclusive of Part A covering nursing home stays and inpatient hospital costs, while Part B covers doctor visits, outpatient services, and preventive services. Part A and B, together provide enough coverage for outpatient and inpatient services, however the truth is that they leave serious coverage gaps for most enrollees.
That is the reason that there is a need to have Medicare Advantage Plans insurance, or Medigap policies. The Medicare advantage plans have 10 federally-standardized policies that assist in covering the copayments, deductibles, and excess charges. The standard Medigap plans are renewable for life that you can depend for decades to come on this coverage.
Know the eligibility for Medicare Advantage Insurance
Acquiring Medicare advantage plans is impossible unless you have Part A and B Medicare. Only if you are eligible for Medicare coverage, you are considered eligible on turning 65 for Medicare advantage plans. The initial enrolment period of Medicare begins three months earlier to your 65th birthday and stays for 3 months beyond your birthday, thus you get seven months in total to sign up for Medicare advantage plans.
The Open Enrollment Period of Medigap starts at the first month beginning as you are 65 years old and possess Medicare Part A and B. This Medicare Advantage plans enrollment period is available for six months.
Best Time for a Medigap Policy
Medicare is a government sponsored program, while Medicare advantage plans is a private plan. The insurance is in two types and they integrate seamless following the standardized rules, but Medicare advantage plans are available with private insurance companies. You may get this by applying with an insurer.
The best time is during the open enrollment period. This is a six-month period, and it is also the best time to get Medicare advantage plans as the insurance companies do not deny the coverage. They also have to sell you during open enrollment for a standard rate. However, in some situations, you may apply beyond the open enrolment for a Medigap policy as well.
Finally, if you miss the open enrolment period and do not have guaranteed issue rights also you can apply for a Medigap policy, but you may have to answer health questions to be considered for coverage.