Looking at Medicare Supplement Plans? Read this First!
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Transcript of Looking at Medicare Supplement Plans? Read this First!
Looking at Medicare Supplement Plans? Read this First!
Do you live in a cozy Texas neighborhood? Well, you bought your dream home in “The
Lone Star State” in order to spend the rest of your life with your loving family. Texas is a
preferred destination for working professionals as well as home buyers, thanks to the
beautiful homes and booming job market. However, have you ever thought that in the
euphoria of leading a great lifestyle, planning for your and your family’s health and well-
being has taken the backseat? Have you realized how important it is to buy an
insurance policy, especially if you need to support your parents? While most of us make
important financial decisions in order to secure our future, when it comes to investing in
life insurance, most of us give it a miss.
As soon as one of your parents turns 65, they become eligible for a Medicare insurance
policy. An important thing to know, however, is that it may not cover all of the medical
expenses that you need to incur. This is where a Medigap policy helps in plugging the
gaps. A private insurance company in Texas will help you to select the right Medicare
supplement insurance policy that will meet your specific needs and budget.
One of the common questions that most people have on their mind is when they should
buy a Medigap policy. Read on to get a clear idea about when you should buy a
Medigap policy.
When you are First Eligible - The best time to buy a Medigap insurance policy is during
the six-month Medigap open enrollment period. This is because during this time, your
parents can get a Medigap insurance policy that is sold in your state, even if they are
not in perfect health. The period automatically starts the month that they turn 65 and are
enrolled in Medicare Part B. An important factor that you need to consider is that once
this period is over, you may not be able to enroll in the policy until the next open
enrollment period.
During Open Enrollment - Insurance companies generally use medical underwriting
when they decide whether to accept the application and the amount that they will be
charging for the policy. The open enrollment makes your parents eligible to buy the
policy that the company sells, even if they may have health problems. The policy will be
available for the same price as it is for those who don’t have any health problems.
Outside Open Enrollment- In case you apply for a Medigap insurance policy after the
open enrollment period, there may not be any guarantee that the insurance company
will sell you a policy. This is more so when you don’t meet the underwriting
requirements. However, if you have a pre-existing condition, if you have some other
insurance, or you are under 65 and become eligible for Medicare because of disability
or ESRD, then you can get a Medigap policy.
So, the next time you plan to get a Medicare Insurance policy for your parents, consider
the points that have been listed above. It will help you to choose the right Medigap
insurance policy during the right time period.
Contact Us:
Choice Plus Benefits Inc.
http://www.choiceplusbenefits.com
14200 Midway Rd., Suite 107, Dallas, TX 75244
Telephone: 972.441.7411, 972.850.0680
FAX: 214.622.6448
E-mail: [email protected]