Medicare Mistake #8:
Being Too Late to Buy Medigap
You are eligible to buy Medigap during your 6-month open enrollment period. This is the 6 month period right after you turn 65. If you are at least 65, within six months of enrolling in Part B, you cannot be denied a plan and you cannot be charged higher premiums due to pre-existing conditions. After those six months, you can be denied and/or charged more for pre-existing conditions. You can also buy Medigap during Open Enrollment .
If you are too late, there are penalties.
Original Medicare does not cover everything. Medigap is additional health insurance you can purchase privately to help cover health costs. It is extra coverage for most, or all, of your out-of-pocket Medicare expenses such as deductibles and co-pays.
A few things to keep in mind when purchasing:
- You must also have Medicare part A and B
- You cannot have both Medicare Advantage and Medigap
- You pay monthly for your coverage and your Part B Medicare Plan
- It does not cover long-term care
It is wise to annually review your plan and pricing with an insurance professional.
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