Underestimating Expenses could seriously
derail your Retirement Plans
A Medicare Supplement Policy ( aka – Medigap ) is designed to pay those out-of-pocket medical expenses not covered by Medicare. Buying this policy is optional. It is issued by a private insurance company, not the U.S. Government. You can be denied this policy if you have pre-existing conditions and you miss your guaranteed enrollment periods, which are :
Buy a policy when you’re first eligible
The best time to buy a Medigap policy is during your 6-month Medigap Open Enrollment Period. You generally will get better prices and more choices among policies. During that time you can buy any Medigap policy sold in your state, even if you have health problems. This period automatically starts the month you’re 65 and enrolled in Medicare Part B (Medical Insurance), and it can’t be changed or repeated.
After this enrollment period, you may not be able to buy a Medigap policy. If you’re able to buy one, it may cost more or be declined due to pre-existing health problems.
During open enrollment
Medigap insurance companies are generally allowed to use medical underwriting to decide whether to accept your application and how much to charge you for the Medigap policy. However, even if you have health problems, during your Medigap open enrollment period you can buy any policy the company sells for the same price as people with good health.
Your Medigap open enrollment period begins when you enroll in Part B and can’t be changed or repeated. In most cases, it makes sense to enroll in Part B when you’re first eligible, because you might otherwise have to pay a Part B late enrollment penalty.
The best time to buy a Medigap policy is the 6-month period that starts the first day of the month you’re 65 or older and enrolled in Part B. For example, if you turn 65 and are enrolled in Part B in June, the best time for you to buy a Medigap policy is from June to November.
After this enrollment period, your option to buy a Medigap policy may be limited, it may cost more, or you also be declined due to pre-existing conditions.
Federal law doesn’t require insurance companies to sell Medigap policies to people under 65. If you’re under 65, you might not be able to buy the Medigap policy you want, or any Medigap policy, until you turn 65. However, some states require Medigap insurance companies to sell you a Medigap policy, even if you’re under 65. If you’re able to buy one, it may cost you more.
If you have group health coverage through an employer or union because either you or your spouse is currently working, you may want to wait to enroll in Part B. Employer plans often provide coverage similar to Medigap, so you don’t need a Medigap policy.
When your employer coverage ends, you’ll get a chance toenroll in Part B without a late enrollment penalty. That means your Medigap open enrollment period will start when you’re ready to take advantage of it. If you enrolled in Part B while you still had the employer coverage, your Medigap open enrollment period would start. Unless you bought a Medigap policy before you needed it, you’d miss your open enrollment period entirely.
Outside open enrollment
If you apply for Medigap coverage after your open enrollment period, there’s no guarantee that an insurance company will sell you a Medigap policy if you don’t meet the medical underwriting requirements.
Make sure that you know your rights, responsibilities and Deadlines when it comes to enrolling in Medicare Part B and Medicare Supplement Plans.
My name is Fraser Allport
I am a Fiduciary who specializes
in the FRS DROP and Medicare.
I have been Self-Employed in
Financial Services for 39 Years.
I work for me, and for You.
My allegiance is to You.
Not some Big Company or Big Bank.
I am an Independent who runs my own Company, so I can search the world to find you The Best Ideas … for The Least Cost.
I am a Fiduciary, Investment Advisor, and Certified Estate Planner™ who specializes in the FRS DROP Plan, Social Security, Medicare, Income Taxes, and Estate Planning.
I have been in Financial Services for 39 Years.
I will be here when You need me.
All of Fraser’s prior DROP articles are archived at :
Fraser is a Certified Estate Planner™
See Fraser's Estate Planning services at :
Fraser's Biography, Services, and Credentials are at :
Follow Money and Markets at :
Client references are available for you to speak with upon request.
With 39 Years of Knowledge in Financial Services,
Fraser Allport can help you with all your DROP, Medicare,
and Social Security Questions.
It is Too Late in Your Life to make Money Mistakes !
Be A Good Steward of Your Money.
Call Fraser, a Financial Professional with 39 Years of Experience.
You call a Professional for every other project in Your Life, right ?
Please see Fraser’s invitation for a Complimentary Consultation to help you start your Exit Plan to Retirement.
Starting any Project is the hard part, but Fraser can help shepherd you with an Action Plan.
Fraser Allport is a Fiduciary, an Investment Advisor,
and a Certified Estate Planner ™ with 39 years of experience.
Fraser is an Independent, and the Owner.
Call Fraser Allport, your Florida DROP Specialist, at 386.882.6256 for your Complimentary Consultation
about your DROP, Social Security, Medicare, Income Tax, Retirement and Estate Planning questions.
Knowledgeable in every aspect of Financial Services, Fraser is the Total Advisor ™.
An Experienced and Independent Fiduciary for all your financial needs.
Call Fraser for answers at 386.882.6256.
It’s a Complimentary Consultation.
Please see all of Fraser’s DROP articles in his extensive DROP Library at.
Fraser can help you with an ACTION PLAN
below for Retirement :
- Fraser can help you with the very first steps that you must take to exit your DROP.
- Fraser can help you meet the dates and deadlines for filing your DROP Exit forms.
- Fraser can show you the FRS forms that are needed, and help you complete them.
- Fraser can help you with choices for wisely investing your DROP Rollover money.
- Fraser can help you optimize your un-used DROP Sick Days and Vacation Days.
- Fraser can help you maximize your Social Security benefits for you, and also for your Spouse. Note: Social Security decisions are irrevocable after 12 months.
- Fraser can help you with your Health Insurance, Medicare, Medicare Supplements Home and Long Term Care choices. Most Long-Term Care occurs in your Home.
- Fraser can help you coordinate your Retirement Plans with your Spouse’s Retirement Plans. You and your Spouse want to be in synch about Retirement.
- Fraser can help you reduce your Income Taxes in Retirement. This may save you a lot of money over the rest of your Life. Don’t over-pay your Income Taxes.
- Fraser can help you with your Estate and Legacy Planning.
- Fraser is a Certified Estate Planner™. Leave A Legacy, not A Mess.
- Fraser can help you Get Your House In Order with Wills, Trusts, Powers of Attorney, A Living Will, Health Care Directives, Final Expenses, etc.
- Fraser can help you with a Home Health Care Plan, customized for you.
- Act now, while your health still qualifies. Home Health Care is the future of Long Term Care.
Your DROP Plan is your Retirement Nest Egg.
Safeguard it by getting Smart with your Money.
Remember the two Golden Rules of Investing:
1) Don’t Go It Alone. Seek out Professional help.
2) It’s Never Too Early to Plan for Retirement.
These are Big Decisions for You ... with really Big Consequences.
As You Retire, You are about to make some of the most important
financial decisions of Your entire Life :
What to do with Your DROP Lump Sum and other assets too ?
Be Smart with Your Money, because it’s Your Nest Egg.
Your Retirement is at stake here. These are Lifetime decisions.
Prepare for Retirement ...
and prepare for Longevity.
Because of his Knowledge and Experience for 38 Years ...
Fraser Allport is ... " The Total Advisor™ "
Contact Fraser today for your DROP Retirement Consultation
Thanks and attribution to :