There’s a six-month “window” following your 65th birthday or your later enrollment in Medicare Part B (which covers doctors’ bills), if you want to buy Medicare supplemental (“Medigap”) insurance.
If you apply during this period, a Medigap insurer must sell you any policy, unconditionally, at the standard premium rate. Therefore, during this six-month period you can buy a Medigap policy that pays for prescription drugs even if it is certain you’ll be using a great deal of expensive medication each year. (The insurer can exclude coverage for a preexisting condition for up to six months.) After that six-month period, you may not be able to buy the Medigap policy of your choice at the best price.
Because of this window of opportunity, it’s important to keep an eye out for your 65th birthday, especially if you’re now covered by hospital-surgical, major medical or comprehensive health insurance. If that coverage ends on your 65th birthday, you may be able to convert it to a Medigap policy and not have to wait for coverage of existing problems already approved for that policy.
If you’re eligible to carry Federal Employees Health Benefits program coverage into retirement, generally FEHB provides equal if not greater protection than would a Medigap plan.
