There are certain limitations regarding the purchase of Medicare Supplement Plans. If you have any health problems, then you may not be able to purchase the Medigap policy. However, if you have already purchased this policy and after that, you are diagnosed with any disease then the private company will not be able to cancel your policy. But what if you could buy a Medigap policy even if you are diagnosed with a disease? Wouldn’t it be great? You will be pleased to know that there is a way by which you can buy Medigap even if you are ill!
When to buy Medigap?
The best time to purchase a Mutual of Omaha Medicare Supplement is during the open enrollment period. During this period you can purchase a Medigap policy even if you have a medical condition. This open enrolment period lasts for about six months, and it starts the very same month in which you turn sixty-five years of age. This will only be valid if you are enrolled in Part B of the Medicare plan. This is the best opportunity window for you to purchase a Medigap policy. Once this period expires, you will not be able to buy this policy, and even if you are eligible to buy one, it will be at a very high cost.
So why wait to pay more? Get your Medigap policy in this particular period and enjoy the monetary benefits that you will receive.
Open enrolment period
The insurance companies are generally empowered to ask you for a medical undertaking so that they can decide whether or not they should sell you this policy. On the basis of such undertaking, they also decide how much they should charge you for that policy. However, during open enrolment period, no such formalities are required. You are entitled to buy any Medigap policy that the company is selling at that particular moment at the same price at which it is offered to a healthy person. You do not need to pay anything extra due to your medical condition!
After the expiration of open enrolment period
Once the open enrolment period ends, it may become difficult for you to buy Medicare Supplement Plans. After the expiration of this period, you may be required to meet all the conditions which are asked for in the medical undertaking by the insurance company.
In some states, you can be eligible for another type of Medicare Supplement Plans called the Medicare SELECT. If you purchase it, you have the right to change to any other Medigap policy within a period of twelve months.