Common Medigap Myths Debunked
MYTH: “I cannot change my Medicare Supplement policy or switch to another insurance carrier because I am out of my open enrollment period.”
TRUTH: While there are advantages to enrolling during your specific open enrollment period, you can change your Medigap policy at any time.
MYTH: “No matter when I choose to enroll in a Medicare Supplement policy, I will be subjected to medical underwriting.”
TRUTH: If you are able to enroll during your open enrollment period, you will not be subjected to medical underwriting.
MYTH: There will never be a time when my application for a Medigap policy is guaranteed to be accepted.
TRUTH: Under certain qualifying circumstances, a “guarantee issue” period does exist.
MYTH: “I can sign up for a Medicare Supplement plan even if I only have Medicare Part A.”
TRUTH: You must be enrolled in both Medicare Part A and Part B to qualify for a Medicare Supplement plan.
TRUTH: Pricing is absolutely not standardized. By doing a little price comparison and shopping around, it is very likely that you will find the very same policy to be cheaper through another company that offers it.
MYTH: “If I want to purchase Medicare Supplement Plan F, I can only purchase my policy through certain Medigap carriers since not all of them carry the same plans.”
TRUTH: Each Medicare Supplement insurance provider is required to offer the same exact policies accompanied by the same benefits. However, pricing may vary from one company to another.