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Buying a Medigap Policy


Buying a Medicare Supplement policy is a very important decision. The only person who can decide if a Medigap policy is the right way to supplement Original Medicare is you. Shop intelligently and carefully. Compare the Medigap policies which are available to you to see which one meets your needs.


While shopping for a Medigap policy, don’t forget that different insurance companies may charge different premiums for the exact same Medigap policy, and not all companies offer all of the Medigap policies.


Here are a few tips that will help you when buying a Medigap policy.


  1. Decide which benefits you want and are important to you. Then take the time to decide which of the standardized Medigap policies meet your specific needs.
  2. Find out what insurance companies in your state offer Medicare Supplement policies.
  3. Find an independent insurance broker that sells Medicare Supplement policies. They can help you compare costs.


Applying for a Medigap policy


Once you made the decision on the insurance company and the Medicare Supplement policy you want, it’s time to apply. The insurance company has to give you a clearly worded summary of your Medicare Supplement policy. Make sure that you read it carefully. If for any reason you don’t understand it clearly, ask questions.


Below are important things to remember when buying applying for your Medicare Supplement policy:


  • Filling out your application – Make sure to fill out your application correctly and completely, including medical questions. The answer you provide are going to determine if you’re eligible for an Open Enrollment Period or guaranteed issue rights. If your insurance broker fill out an application on your behalf, make sure it’s correct.
  • Paying for your Medigap policy – Your Medicare Supplement policy can be paid for by bank draft, check, or money order. If buying the policy from an insurance broker, make sure to get a receipt with the insurance company’s name, address, and phone number for your records.
  • Starting your Medigap policy – Make sure you ask for your Medicare Supplement policy to become effective on the day you want coverage to start. For the most part, Medicare Supplement policies start on the first of the month after you apply.


IMPORTANT: If you’re already covered by a Medicare Supplement policy, ask for the new policy to become effective when your old coverage ends.


If you already have a Medicare Supplement policy, its important to know that it is illegal for an insurance company to sell you a second policy unless you tell them in writing that you’ll cancel the original Medicare supplement policy you have. However, do not cancel your old Medicare Supplement policy until the new one is already in place and you have decided to keep it.


Need help buying a Medigap policy? Our Mentors can process your enrollment!



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