Medicare Supplement Plans: Guaranteed Issue Periods and When They Occur?

There are certain “Guaranteed Issue” periods which are allotted to Medicare supplement plans. This enables individuals to apply for a plan without being denied coverage, regardless of their previous conditions, or being charged more because of any health conditions. Rights for guarantee issue (GI) period have federal mandates from the Centers for Medicare & Medicaid Services and apply to every Medicare-enrollee who falls into the category of one of these specific situations.

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Generally speaking, the GI rights occur when the health care coverage you currently have is being modified in a certain way or you are losing your coverage involuntarily. Certain insurance companies may develop their own GI situations—and they sometimes do so.

medicare supplement plans 2019

However, all Medicare Supplement insurance companies must as a matter of fact follow seven federally prescribed GI situations. You or any individual should be able to enroll for a Medicare Supplement plan on a Guaranteed Issue basis if you fall into one of these periods. These seven federally prescribed GI situations are:

  • You signed up for a Medicare Advantage PACE or plan when you first qualified to enroll, and within one year of enrolment, you decide to switch back to the original Medicare Supplement plan.
  • You signed up for a Medicare Advantage plan, and this plan stopped servicing your area, is leaving the Medicare program, or you are moving out of the specific service area covered by the plan.
  • You have a union coverage or an employer that pays AFTER Medicare, and that coverage will soon end.
  • You do have a Medicare SELECT policy, and you are relocating from the service area covered by the plan. You can maintain your current policy, but you have the right to switch to a new policy on a GI basis.
  • Your Medicare Supplement company has gone bankrupt, and this causes you to lose coverage, or through no fault of yours you lose Medicare Supplement plan coverage.
  • You left a Medicare Supplement plan to switch to a Medicare SELECT or Medicare Advantage policy for the first time. The plan has been running for less than a year now and you wish to switch back to a Medigap policy.
  • You took a decision to sign off a Medicare Advantage plan or leave a Medigap policy because the provider did not follow the rules or has misled you in some way.

States also have the legal authority to create extra GI situations, and some States have actually done so. Some of the specific GI situations also have specific requirements for the plans that you can sign up for. For instance, in the case of a Medicare Supplement plan, you may qualify for a GI; however, it may have to be one of the recognized plans.

If you are on a Medicare, it is beneficial for you to be aware of these guaranteed issue situations. If you are eligible for one of them and you decide not to enroll for a plan while that GI period is in effect, it is most likely that if you decide later on to sign up, you will have to qualify medically for a Medicare Supplem

Be aware of Medicare supplement plans 2018 and choose the right one

What is medicare supplement plan?

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Medicare supplement plan is known to be such a type of plan which basically works along with the original Medicare plan. Original medicare plan is not supposed to cover all of your health insurance. There are some expenses that you are required to pay from your pocket unless you have the medicare supplement plan. Hence, this supplement plan is used to cover all those expenses that are not generally covered by the original medicare.

There are different kinds of medicare supplement plans 2018 available in the market provided by different insurance company. You need to do some research to find the best medicare supplement plan out there.

Eligibility

You are required to fulfil some basic eligibility before you can avail the medicare supplement plan according to your needs and requirements. First of all, you have to be 65 years old or older. Second of all, you have to be a retired person. On the other hand, you are supposed to be already registered with the original medicare plan. Once you properly fulfil the above described conditions, then you are all set to get this insurance plan to avail all its benefits.

More on the plan

  • Once you have the original medicare plan, then you have the option to upgrade this plan in order to avail even more number of benefits. One effective way to upgrade the original plan is to get the Medicare supplement plan.
  • The supplement plans are basically owned by the private agencies and they are generally funded by the Medicare. One good thing about this type of policy is that you are not supposed to submit that many of documents to get the supplement plan since you already have the original plan. There are several useful programs that you should go for such as prescription coverage, dental coverage, vision coverage etc. In case, you do not have medicare supplement plan then you are not supposed to be on the Medicare Part D which is also known as prescription plan.
  • There are plenty of insurance companies that provide medicare supplement plans. Each company has their own policy as well as terms and conditions. You are really required to abide by the terms and conditions of a company if you want to avail their medicare supplement plan. Once you avail their supplement plan, then you are really supposed to be benefitted in many ways.

 

 

How to choose your Medicare supplement plans 2018?

With many Medicare plans knocking at your doorsteps asking you to choose one of the many, you might be tempted to buy one and invest in it. But do consider the choice because it might be nothing but a poor investment of money on your part because the plan might not be of any use to you. It might look useful and it is designed to do so, but not maybe for you. Thus, it is very important that when you choose your Medicare supplement plans, you choose accordingly and choose the one that is to benefit you the most in times of your need. So, here are the steps on how you can choose your Medicare supplement plan and not make a disaster:

Medicare supplement plans

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  • Since Medicare supplement plan does cover the expenses that your original Medicare was supposed to provide and much more, it is important that you know which one to choose among the two, the Original Medicare or Medicare supplement plan. Make a decision before jumping in and buying a plan and then realizing that it was nothing but a bad investment.
  • Prescription drug coverage in Medicare supplement plan needs to be bought. It is a part of plan and if you want prescription drug coverage you would have to buy it. Thus, you will have to choose whether or not you want the prescription drug coverage in whatever Medicare plan you are choosing to buy. It would be wise if you would consult the agents who are selling you these plans and ask them the best course of action because they would be very happy to help you out.
  • You will have to decide if your supplemental coverage in your Medicare supplement plan because this too have to be bought by you. It is best if you would do your research and search the options available for the best plan and choose accordingly because you are the one who knows what you want and desire best from the plan that you are buying. If you are derailed or confused, you are always welcome to ask help form the agents who are selling the plans.

Conclusions

Do invest your money where you think it is best to invest and not somewhere you might regret later. Choose your plans according to your needs and invest in them.