BUYING A PLAN Flashcards
Buying a Plan:
Shopping around for health coverage can be daunting, but there are a few tips to keep in mind when selecting a plan and buying it.
First and foremost, the best time to buy a Medigap policy is during your one-time, six-month open enrollment period. This window starts when you enroll in Medicare Part B at age 65 or older, and companies must sell any plan they offer without considering your health history during this period. Prices can vary depending on the type of policy and other factors, such as where you live, so shopping around is vital to ensure you get the best deal. If an issue-age policy fits your needs, premiums will be based solely on your age when the policy was purchased. It is of utmost importance to take advantage of open enrollment periods and shop for the closest deal that meets your needs and budget.
If you want to get a Medicare Advantage Plan or a Medicare Drug Plan, you’ll need to get those plans during the 7-month period that:
Starts three months before the month you turn 65
Includes the month you turn 65
Ends three months after the month you turn 65
If you have one, you can also get these plans during a Special Enrollment Period.
