What is Medical Underwriting & Why Do You Need It for Medigap?

Medical Underwriting

Are you looking for ways to fill the gaps in your Original Medicare coverage? You may be considering a Medicare supplement plan. Gaps that a Medicare supplement plan may cover includes the 20% of costs that Medicare would typically leave the beneficiary to pay. If your personal Medigap Open Enrollment period has passed, then you might have to undergo medical underwriting. This step is necessary to get an approved plan.

In addition, if you are switching to a Medicare supplement plan from a Medicare Advantage plan, or if you are switching Medicare supplement plans, you might have to undergo medical underwriting in these scenarios. While it may be inconvenient or seem unnecessary, this process can allow you to find a better plan for you – one that might save you money.

What is Underwriting?

 Underwriting is a process private insurance companies use to collect information about your physical health, mental health, and medical history. The insurance companies use this comprehensive information to decide your coverage cost. It also determines if they approve or deny your application.

If you have an extensive list of health or medical issues, you might have to pay more for your coverage. In some situations, you may not even receive approval for coverage. Any pre-existing conditions will come up during the underwriting process. Some insurance companies might issue a waiting period for your coverage if you have a pre-existing condition, or you could be denied completely.

When Do I Need Medical Underwriting?

If your Medigap Open Enrollment Period has passed and you are trying to enroll in a Medicare supplement plan, you may have to undergo medical underwriting. You may also need to go through underwriting if you are trying to switch Medigap plans. For example, if you want to change from Plan F to Plan G, this may be a situation in which you might have to go through the underwriting process.

If you are still in the period in which you can add or change Medicare supplement plans, this gives you a “guaranteed issue right.” You will be able to buy any Medicare supplement plan covered in your area. Insurance companies will not be able to deny you coverage for any reason related to your medical history. Because of these regulations, the underwriting process is not required or needed during this time.

What Happens During the Underwriting Process?

Each insurance company has different applications for their Medicare supplement plans. These various applications have an extensive list of exhaustive health questions. These medical questions cover your entire medical history. It will include health problems that you had in the past, or ones that you currently have.

If you have any of the major health conditions inquired about, it may mean an automatic denial of your application. Examples of these kinds of health conditions that may cause automatic denial include conditions that could be expensive for the insurance company to cover. These usually include incurable or chronic conditions.

Certain medications could also prevent your application from being approved. Similar to applications denied for incurable or chronic illnesses, these medications typically treat incurable or chronic illnesses. Usually, these conditions are expensive for companies and carriers to treat, which makes it appear less attractive on applications.

How to Avoid Medical Underwriting

If you are a person with any major medical health conditions, it is important that you avoid the underwriting process so that you can get the coverage you need. This is possible. When you enroll in a Medicare supplement plan during your Medigap Open Enrollment period, the law requires that the insurance company must accept your application regardless of any previous health conditions. For example, if you are a smoker or if you have a pre-existing condition, companies cannot charge you more or turn you down for these health conditions. This means that it is crucial for you to enroll in your Medicare supplement plan during this time.

Your Medigap Open Enrollment period starts when you are 65 and enrolled in Medicare Part B. It lasts 6 months from the beginning of your Part B start date.

We Can Help

We have trained underwriters who can make the enrollment process simple and easy for you. Our staff will make sure you feel safe and understood while they are asking you all of the necessary questions.

We want to help you through this buying or switching process. If you have any questions regarding the underwriting process or buying or switching Medigap plans, feel free to give us a call at (800) 310-2550. We will be more than happy to help you. Or, if you are ready to start the process, you can get a free Medicare supplement quote online.

Compare Your Medicare Supplement Rates Immediately!

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