For seniors living in the Delaware Valley, open enrollment provides opportunities to apply for the best Medigap plans Philadelphia and New Jersey have to offer – as well as other coverage under Medicare Advantage Plans. The ideal time to enroll in a supplement plan is during your Medigap Open Enrollment Period, which is a six-month period beginning when you are both 65 or older and enrolled in Medicare Part B. Still, for some people, the first Medigap policy they choose doesn't turn out to be the best for them. Therefore, applying for a new Medigap policy may make your coverage even more efficient.
Medicare Parts A and B, often called Original Medicare, offer beneficiaries proper protections for hospital and hospice care (Part A) and medical and preventive care (Part B). However, Original Medicare doesn't cover copays, coinsurance, deductibles, or premiums required to receive services, such as skilled nursing facility coinsurance or Part B preventive care coinsurance. As a result, many seniors add a Medicare Supplement plan to their Original Medicare benefits.
Each Supplement Plan offers different benefits and premiums. You become eligible for Medigap when you are both 65 or older and enrolled in Part B. It is also the best time to enroll in a Medigap policy because you have a guaranteed right to purchase a plan, even if you have a pre-existing condition or any health issues. You may also not be charged more for a policy than a person in your plan who is healthier.
However, sometimes you enroll in coverage and later on decide it's not the one you wanted so you'd like to switch. Your second Medigap plan might be even better for you in the long run.
Switching and re-enrolling in a different plan is a big decision to make, and you need to consider various factors. Most important is that the new plan you choose suits your needs and budget. It's a significant decision that will affect you in the long run. But when done carefully and for good reasons, you have little to lose and much to gain. It's always best to seek information and ask questions. Independent insurance agencies who represent many carriers and don't charge you fees are often excellent resources for information before you make a significant decision about your coverage.
