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
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in the FRS DROP and Medicare.
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- 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 help you determine what forms are needed, and help you complete them.
- Fraser can help you with choices for wisely investing your DROP Rollover money.
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- 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. What a waste of Money.
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- 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.
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Remember the two Golden Rules of Investing:
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