Looking at Medicare Supplement Plans? Read this First!

Do you live in a cozy Texas neighborhood? Well, you bought your dream home in “The

Lone Star State” in order to spend the rest of your life with your loving family. Texas is a

preferred destination for working professionals as well as home buyers, thanks to the

beautiful homes and booming job market. However, have you ever thought that in the

euphoria of leading a great lifestyle, planning for your and your family’s health and well-

being has taken the backseat? Have you realized how important it is to buy an

insurance policy, especially if you need to support your parents? While most of us make

important financial decisions in order to secure our future, when it comes to investing in

life insurance, most of us give it a miss.

As soon as one of your parents turns 65, they become eligible for a Medicare insurance

policy. An important thing to know, however, is that it may not cover all of the medical

expenses that you need to incur. This is where a Medigap policy helps in plugging the

gaps. A private insurance company in Texas will help you to select the right Medicare

supplement insurance policy that will meet your specific needs and budget.

One of the common questions that most people have on their mind is when they should

buy a Medigap policy. Read on to get a clear idea about when you should buy a

Medigap policy.

When you are First Eligible - The best time to buy a Medigap insurance policy is during

the six-month Medigap open enrollment period. This is because during this time, your

parents can get a Medigap insurance policy that is sold in your state, even if they are

not in perfect health. The period automatically starts the month that they turn 65 and are

enrolled in Medicare Part B. An important factor that you need to consider is that once

this period is over, you may not be able to enroll in the policy until the next open

enrollment period.

During Open Enrollment - Insurance companies generally use medical underwriting

when they decide whether to accept the application and the amount that they will be

charging for the policy. The open enrollment makes your parents eligible to buy the

policy that the company sells, even if they may have health problems. The policy will be

available for the same price as it is for those who don’t have any health problems.

Outside Open Enrollment- In case you apply for a Medigap insurance policy after the

open enrollment period, there may not be any guarantee that the insurance company

will sell you a policy. This is more so when you don’t meet the underwriting

requirements. However, if you have a pre-existing condition, if you have some other

insurance, or you are under 65 and become eligible for Medicare because of disability

or ESRD, then you can get a Medigap policy.

So, the next time you plan to get a Medicare Insurance policy for your parents, consider

the points that have been listed above. It will help you to choose the right Medigap

insurance policy during the right time period.

Contact Us:

Choice Plus Benefits Inc.

http://www.choiceplusbenefits.com

14200 Midway Rd., Suite 107, Dallas, TX 75244

Telephone: 972.441.7411, 972.850.0680

FAX: 214.622.6448

E-mail: jstamper@choiceplusbenefits.com