"Choosing the Right Medicare Supplemental Insurance: A Guide"
Medicare supplemental insurance, also known as Medigap, is a type of private health insurance that works alongside Medicare to cover copays, coinsurance, and deductibles. The best time to purchase a Medigap policy is during your initial enrollment period (IEP) when you're 65 and enrolled in Medicare Part B. During this period, insurers cannot deny coverage or charge higher premiums based on your health status or pre-existing conditions. Outside of the IEP, you can still purchase a Medigap policy if you have guaranteed issue rights, which are granted during specific circumstances. Additionally, you can apply for a Medigap plan during the annual enrollment period (AEP) or your state's open enrollment period (OEP). Ultimately, the decision to buy Medicare supplemental insurance depends on various factors, but it can provide peace of mind and financial security in retirement.
