CNBC.com
After the initial six-month period when you are guaranteed coverage by a Medigap policy, you generally will need to go through medical underwriting, which could result in paying more for a policy or being denied coverage.
Make sure you understand what each policy covers to make sure you choose wisely
If you recently signed up for Medicare and are considering a supplemental policy to reduce what you shell out for health care, don’t dilly-dally.
When you first enroll, you get six months to purchase what’s known as a Medigap policy — which helps cover the cost of deductibles, copays and coinsurance associated with Medicare — without an insurance company nosing through your health history and deciding whether to insure you.
“The ‘guaranteed-issue’ period is the first six months,,” said Elizabeth Gavino, founder of Lewin & Gavino in New York. “After that, it could be a nightmare.”
Basically, unless your state allows special exceptions, you have to go through medical underwriting after that six-month window. And, depending on your health, that process could cause the Medigap insurer to charge you more or deny coverage altogether.
Contact Boettcher Insurance to assist you in making the all-important decisions during the first 6 months after you sign up for Medicare. The decisions you make during this time may effect your coverage for the future. Let us use our 20 years of experience in Medicare coverage options to show you how to effectively utilize your health insurance budget.
