The best time to buy a Medigap policy

When’s the best time to buy a Medigap policy? This period lasts for 6 months and begins on the first day of the month in which you’re both 65 or older and enrolled in Medicare Part B. Some states have additional Open Enrollment Periods including those for people under 65. During this period an insurance company can’t use medical underwriting. This means the insurance company can’t do any of these because of your health problems:

Refuse to sell you a plan.

Charge you more for a Medigap policy than they charge someone with no health problems.

Make you wait for coverage to start.

While the insurance company can’t make you wait for coverage to start, it may be able to make you wait for coverage related to a pre-existing condition. A pre-existing condition is a health problem you have before the date a new insurance policy starts. In some cases , the Medigap insurance company can refuse to cover your out-of-pocket costs for these pre-existing health problems for up to 6 months. This is called a “pre-existing condition waiting period”. After 6 months, the Medigap policy will cover the pre-existing condition. During the waiting period Original Medicare will cover the pre-existing conditions.

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