Insurance Read Time: 2 min

What to Ask About Medigap

When you are speaking to insurance representatives about Medigap policies, here are some questions to keep in mind:

  • Am I enrolling while I am in my open enrollment period? If not, do I have a guaranteed issue right?
  • What is the Medigap policy’s monthly premium?
  • Is this premium based on my:
    • Health status
    • Gender
    • Smoking
    • Marital status
      Or anything else?
  • Are the premiums:
    • No-age-rated (community-rated), meaning everyone in my area pays the same premium regardless of their age?
    • Issue-age-rated, meaning the premium is based on how old I was when I bought the policy?
    • Attained-age-rated, meaning the premium increases based on my age?
  • Will the company refuse to sell me a Medigap based on my health status?
  • Does the policy impose a pre-existing condition waiting period?
    • How long is the waiting period before my coverage begins?
    • Do I have prior creditable coverage to reduce my waiting period?

Other considerations

  • If you do not have the right to buy a Medigap, ask the insurance representative how much extra you will be charged for purchasing one.
  • If you are under 65, make sure the company you are considering sells to individuals under 65.
  • Remember to keep track of who you spoke with, when you spoke with them, and the outcome of the call.

© Medicare Rights Center. Used with permission.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |

Have A Question About This Topic?

Thank you! Oops!

Related Content

Insurance Needs Assessment: For Empty Nesters and Retirees

Insurance Needs Assessment: For Empty Nesters and Retirees

Do your insurance needs stay the same when the nest empties?

Dog Bites and Homeowners Insurance

Dog Bites and Homeowners Insurance

Reviewing coverage options is just one thing responsible pet parents can do to help look out for their dogs.

Overlooked Ways to Add Diversity to Your Portfolio

Overlooked Ways to Add Diversity to Your Portfolio

It’s an exciting time for American investors. Recent years have seen a boom in Americans investing in the stock market, with Goldman Sachs estimating U.S. households will spend $400 billion on equities in 2021, averaging an eyebrow-raising 44% allocation of their total assets to stocks. Between new technologies (like mobile trading apps) lowering the bar to entry and “meme stock” trends raising awareness, it’s no wonder so many people are waking up to the power and potential of investing.