A Medicare Supplement insurance plan, also known as Medigap, is healthcare insurance you can buy that may help pay for about 20% of the Medicare expenses that Original Medicare doesn’t cover (after your Part B deductible is met).
Your Medicare Supplement Open Enrollment period starts the first month you are both age 65 or older and have Part B. The advantage to this enrollment period is you can buy any Medicare Supplement plan sold in your state without answering health questions. Even if you have health problems, insurance companies cannot deny you a Medicare Supplement policy and must offer the same price as people with good health.
If you apply after your open enrollment period, there is no guarantee that an insurance company will sell you a policy unless you are eligible for a guaranteed issue right. If you’re under age 65 and have Medicare, you may not be able to buy a Medicare Supplement policy or the one you want until you turn 65.
Cost Insurance companies can set their own premiums for their Medicare Supplement plans. There can be differences in the premiums that different insurance companies charge for exactly the same coverage. When shopping for a Medigap policy, be sure to compare the same policy between several insurers. For example—if you’re interested in Plan N—compare the price of Plan N from 2-3 different insurance companies. This way you will know you’re getting the best price for the plan you want.