Medigap Open Enrollment Period

The best time to buy a Medigap policy is during your Medigap open enrollment period. This period lasts for 6 months and begins on the first day of the month in which you turn 65 or older and are enrolled in Medicare Part B. Some states have additional open enrollment periods for those under the age of 65. During this period, an insurance company cannot use medical underwriting. This means the insurance company can’t do any of the following:

• Refuse to sell you any Medigap policy it sells
• Make you wait for coverage to start (except as explained below)
• Charge you more for a Medigap policy because of your health problems

Importance of Open Enrollment Period

It’s very important to understand your Medigap open enrollment period. Medigap insurance companies are generally allowed to use medical underwriting to decide whether or not to accept your application and how much to charge you for the Medigap policy. However, if you apply during your Medigap open enrollment period, you can buy any Medigap policy sold by the insurance company, even if you have health problems, for the same price as would be for a person without your health problem. This would represent a significant savings of potentially hundreds of dollars per month.