What You Need To Know About Medigap Coverage And Preexisting Conditions
Medigap policies are offered and administered through private insurance agencies, the issuing provider has the right to force imposed waiting periods on treatment for preexisting conditions. The federal government has set the maximum amount of time for these waiting periods at 6 months.
Be sure that you plan ahead for your medical expenses during the Medigap waiting period so that you aren't left without the ability to receive the medications and treatment you need.
The Waiting Period Can Be Shortened
Don't let the fact that your Medigap policy will probably have a waiting period for coverage for preexisting conditions deter you from securing a policy. There are some simple things that you can do to help shorten the waiting period and access the medical benefits you need to help pay for your treatments and medications. Here are two strategies that you can employ if you are worried about a lengthy waiting period.
1. Wait Until Open Enrollment
Many of the insurance companies that offer Medigap coverage participate in open enrollment periods. These periods of time allow you to secure a Medigap policy without having to wait the full 6 months of the preexisting condition waiting period.
Insurers are required to reduce your waiting period based on your previous creditable coverage. This means that if you have a qualifying coverage plan in place prior to open enrollment, your waiting period will be reduced by the number of months that you had continuous creditable coverage.
Some people find that they have virtually no waiting period when securing a Medigap plan during open enrollment.
2. Utilize Your Guaranteed Issue Right
A guaranteed issue right is a type of consumer protection that is meant to provide senior citizens looking to secure Medigap coverage with a grace period to complete their transaction.
In order to qualify for a guaranteed issue right, you must have had an approved form of medical insurance coverage that ended no more than 63 days prior to the date you want to begin your Medigap coverage.
If you meet these qualifications, an insurance company cannot refuse to provide you with a policy and they cannot impose any type of waiting period on your insurance coverage.
The Medigap policy will help make your health care costs feasible. Work with your insurance provider to determine how the preexisting condition waiting period can affect your coverage.
Contact your insurance provider to learn more about Medicare supplement insurance.