Buying Medigap before turning 65 and why it’s a good idea.
Many states allow you to apply for Medigap insurance 6 months before your Part B effective date. For most people entering Medicare at age 65, the Part B effective date is usually the first day of your birthday month. It may seem silly to consider buying Medigap early. But if you’re new to Medicare, there are many reasons why you may be asking, “Can I Buy A Medigap Policy Before Turning 65?”
3 reasons to get your Medicare Supplement coverage in place before turning age 65
- Secure a low premium before rates increase.
- Put your mind at ease.
- Give yourself time to learn about Medicare.
Why buy Medigap Before age 65?
Insurance companies can raise premiums at any time. The quotes you receive today may not be the same in two months. Insurance companies can change premiums throughout the year. It’s not industry standard for all Medigap Plans to get a rate increase on January 1.
Applying early means you can lock in your rate. Your policy will not be active and ready to use until your Part B effective date.
Medicare can be intimidating at first. It might be hard to believe, but Medigap insurance is one of the easiest parts of the Medicare puzzle.
However, when you’re constantly receiving information from outside sources it can be overwhelming. This, of course, can lead to anxiety and procrastination. Taking on Medicare one part at a time makes the process less stressful.
Choose your Medigap Plan and have peace of mind
You can apply for Medigap before your Medigap Open Enrollment Period starts.
If you have a healthcare plan that ends when you turn age 65, applying early allows for continuous coverage. Buying Medigap before turning 65 is key since Medicare will begin on the first day of your birthday month.
Once you apply for a Medigap plan, you can probably toss the mail advertisements. Remember, you are trying to simplify the process and not create more stress. Which is why buying a Medigap plan when you turn 65 is a good idea.
Speaking of applying for Medigap. Be careful if you go online to find plans and rates. Some of the large carriers will offer you instant quotes and allow you to buy direct. As independent agents, we obviously don’t recommend buying direct. Mostly because it doesn’t provide you with other options.
You won’t have an advocate to look over your Medigap needs now or in the future when you buy direct. If you want someone answer all your questions at ANY TIME, then don’t buy direct. If you want someone who will review your premium annually, then don’t buy direct. Instead, work with an independent agent.
Here at REMEDIGAP, we answer all your questions before and after you buy a Medigap Plan. We understand that most people turning age 65 prefer to do their own research. We are here to support you without the high pressure sales tactics insurance agents are known for.
Does buying Medigap early mean you have the best plan?
Let’ say you decide to buy Medigap Plan G while in your Medigap Enrollment Period. A couple weeks later your friend tells you he bought Plan G for $10 less a month.
What should you do?
First, contact your agent to verify the premium information. Next, ask some questions about the insurance company’s rate history and financial strength. Just because your friend has a lower rate for the same lettered Plan, doesn’t mean they bought the best policy.
If it looks like your friend’s plan suits you better, you can cancel your initial policy and purchase the new one. Keep in mind, this has to be done during your Medigap Open Enrollment period. After that, you can only buy a new plan if you’re approved by the insurance company’s medical underwriting department.
Learn more about Medicare and move to the next step.
Once you have a Medigap Plan in place, you can focus on your Medicare drug plan. This is an important part of completing your Medicare coverage. If you don’t secure a Part D plan, you could be subject to a late enrollment penalty. This applies to anyone who goes without Part D (Medicare Prescription Drug Plan) for a continuous period of 63 days after your Initial Enrollment Period. You can access Medicare’s drug plan database to compare Part D plans.
Be diligent and continue to learn about what Medicare covers so you’re not surprised down the road. A great resource is the Medicare and You handbook. Medicare will usually mail a copy to you each year. Extra copies can be requested at Medicare.gov.
Also, make sure you read all communication from Social Security. I recently had a client who was shocked by a hefty bill for her Part B premium. She didn’t realize that even though she delayed receiving her Social Security benefit, she still had to pay the Part B premium. For this reason, I can’t stress enough how important it is to read and keep all your correspondence from Social Security.
More than likely, you will have questions even after purchasing a Medigap plan. At reMedigap.com, our lines of communication are always open. Many of our clients found our website and had their questions answered before, during, and after purchasing Medigap insurance.
Buying Medigap Before Turning 65
What if I wait until the last minute to buy Medigap?
Our recommendation, if you’re turning 65, is to buy Medigap early. But, we know that life happens and sometimes a purchase has to be made at the last minute. We’ve helped people put plans in place the day before their Part B effective date. It can be done. But it’s always nice, if possible, to avoid putting yourself through the stress. You just never know if a glitch will come up during the application process. It’s best to give yourself a couple weeks, a month, or even more to make sure enrollment goes smoothly.
Here at REMEDIGAP we are not employed by insurance carriers or by Medicare. We are a no fee service and provide ongoing education, rate reviews and guidance through the entire application process. Whether you know a little or a lot about Medicare, we’ll customize our approach to fit your comfort zone.
Why keep waiting? Reaching out to us is a simple way to see how we can assist you through the Medigap process.
- Give us a call at 888-411-1329
- Simply click on our quote form
- Chat online or leave a message below
If you made it this far, thank you for reading Can I Buy A Medigap Policy Before Turning 65? Please leave comments below or email us at email@example.com
Joann Quinn is the Chief Compliance Officer and Cofounder of REMEDIGAP. She is a licensed Medicare agent in 47 states. Her main role is to provide essential resources and tools to educate eligible individuals on Medicare. Joann provides helpful Medicare education to thousands of viewers with our popular REMEDIGAP YouTube channel. With expertise in Medicare Supplement, Medicare Advantage, and Medicare Part D, Joann is a highly knowledgeable and sought after Medicare insurance professional.