If you decided to enroll or change your Medicare Supplement Policy outside of the Open Enrollment Period without a guaranteed issue rights then you might have to go through a medical underwriting procedure.
Medical underwriting is the procedure that private health insurance companies that offer Medicare Supplement Insurance use to determine if they would allow you coverage or if they would impose certain provisions to qualify you for a benefit.
What happens here is that insurance providers evaluate the health status, history, and other factors such as health risks of the would be beneficiary. There are times that you may have to undergo a medical examination, a telephone interview and/or a pharmacy report for the history of your prescribed medications.
The result of the evaluation is set against the standards of the company for eligibility. This will also decide on how much coverage and the cost of premiums the insured will have.
If you have any health conditions that were diagnosed and/or treated within six months of your new policy’s start-date, also called the look-back period, your policy provider may delay your coverage for the pre-existing condition. The delay in your coverage is called the pre-existing condition waiting period. Those with a history of medical health problems may pay more for their insurance premiums.
Medical underwriting is necessary for the Medicare Supplement Insurance policy provider to determine the potential risks and claims of beneficiaries and avoid any losses they might derive from it.
If you sign up for a Medicare Supplement Insurance during your six-month Open Enrollment Period, you may avoid undergoing a medical underwriting and straightly join a Medicare Supplement Plan that is available in your state.
Open Enrollment Period lasts for 6 months and begins the month you turn 65 and enrolled in Medicare Part B (Medical Insurance) coverage. During this time federal laws allow you to have any Medigap policy that you want to have as long as it is sold in your state without going through any medical underwriting. You will not be denied any coverage and you wouldn’t be charged higher premiums even if you have a pre-existing condition. Even if you have guaranteed issued rights a Medicare Supplement policy provider may still choose to appoint you with a waiting period depending on your state.
To know if you have to go through a Medicare Supplement Insurance Medical Underwriting or can qualify to proceed in enrollment without one, kindly call us at (855) 230 0801 for more information regarding the topic.