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The best time to get Medicare supplemental insurance

When securing financial products or services, the timing has to be right. You don’t want to miss out on the benefits a robust insurance policy can provide, for example. But you also don’t want to waste money buying it too early when you’re unlikely to need the help. For many seniors, some of whom may be living on a tighter budget, the timing needs to be right. With retirement savings and Social Security assistance only going so far, it’s important to purchase additional insurance protections at the right time.

This is particularly true for policies like long-term care and Medicare supplemental insurance. Both can be beneficial, but getting the greatest return on your investment is dependent on when you buy in. Medicare supplemental insurance, which can help fill the gaps left by Medicare coverage, is worth securing for many seniors, especially if they get it at the right time.

Start the process by getting a free price quote here today.

The best times to get Medicare supplemental insurance

For seniors considering a Medicare supplemental insurance plan, also known as Medigap, it’s important to know when to get started. According to Medicare.gov, the answer is clear.

“The best time to buy a Medigap policy is during your Medigap Open Enrollment Period,” the government says online.”This is the 6-month period that starts the first day of the month you’re 65 or older and signed up for Part B. After this period, your options to buy a Medigap policy may be limited and the policy may cost more.”

The AARP goes into further detail. “The best time to buy a Medicare supplement policy, also known as Medigap, is when you have what are called guaranteed protections — the right to buy any policy in your area at the best rates for someone your age, even if you have preexisting medical conditions,” the organization notes. “If you buy a Medigap policy at other times, insurers may reject you or charge more because of your past or current health.”

Medicare info also encourages seniors to secure a plan during the open enrollment period, explaining that even if you have health problems, getting a plan during this time will generally mean lower rates.

“Medigap plans are guaranteed renewable each year even if you develop a health problem, as long as you continue to pay the monthly premium,” the company notes. “Outside open enrollment, signing up for Medigap can be costly. Outside open enrollment, insurance companies can charge a higher premium for pre-existing conditions or even refuse to provide service at all.”

If you fall into the above time frame — or have a loved one who will — then it makes sense to start shopping around for a supplemental plan. Get started by getting a free price quote here now.

Medicare supplemental insurance benefits to know

Filling in the coverage gap left by regular Medicare is the primary benefit of a Medigap plan. But it’s not the only one.

Medicare supplemental plans are guaranteed renewable, meaning that as long as you pay your premiums on time, your plan can never be canceled, regardless of your health status. And, by having a plan in place, you’ll have peace of mind knowing that you won’t get stuck paying the leftover bills after Medicare has already been applied.

While you may still have some balances left even after the supplement has been applied, it’s likely to be significantly less than it would have been without it. That peace of mind is priceless, particularly in today’s economy, with still stubborn inflation and higher borrowing costs. If you can take care of one financial concern here to focus somewhere else, a Medigap plan is probably worth it for you.

The bottom line

Most experts agree: The very best time to buy a Medicare supplemental plan is during your open enrollment period. While it can be worth buying at other times, too, you may wind up paying more for the same or similar protections. So make sure to time your application correctly. By buying a plan at the right time for the right price, you’ll immediately gain some peace of mind by knowing that you’ll have a backup to help you when Medicare can’t cover the full bill. And that comfort is always worth it, but particularly now when the economy is still uneven.

Start exploring your Medicare supplemental insurance options online today.

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