Binding a Medicare Insurance Policy is a multistep process and generally refers to Medicare Supplement Plans, also known as Medigap Plans. The process is simple, and your licensed agent can guide you through the process, which we’ve outlined.
As a Medicare Beneficiary, you can rest assured that you have a binding Medicare insurance policy in place to provide the protection you desire. It will take a little effort and some research, but with diligence on your part and the determination of your agent, you can have that security.
Your responsibility is to complete the application and provide payment. Once the insurance carrier drafts your account for the first-month premium, you have a binding Medicare insurance policy.
Before you call your agent, you’ll want to collect a few things to make the call smooth. You’ll want to have a list of any upcoming procedures or diagnosis. Also, have a list of your current prescriptions on hand.
In addition, have your Medicare id card and checking information or your preferred payment method.
Binding a Medicare Insurance Policy After Reviewing Options
The first step toward binding a Medicare insurance policy is to contact a licensed agent that can help you review your needs and budget. Knowing what policy benefits are most desirable and establishing a budget to fit your lifestyle is primary in analyzing the options available.
Be prepared to discuss your medical history, any current conditions for which you are actively seeking treatment, and all prescription medications. When evaluating future coverage needs, use history as a guiding tool.
By reflecting on the services over the last 10 years, you’ll have a better idea of what you want coverage for over the next decade. Once your agent has helped you review the cost for the benefits sought after, the hardest part is over. From here on, it’s paperwork.
Decide When Your Policy Needs to Begin
If underwriting is a requirement, you should apply for your Medigap Plan no less than 4 weeks prior to the effective date. This is the rule of thumb to have a binding Medicare insurance policy on the appropriate policy effective date.
Complete and Review the Binding Medicare Insurance Policy Application
Your agent should be able to ask the questions and complete the form in a short amount of time. The application process usually takes about 15-20 minutes. It’s important to review the application form for accuracy since the goal is to have a binding Medicare insurance policy.
In most cases, the application will require an electronic signature. However, in our digital age, many carriers accept a security question or voice signature.
Submit Payment for Your Medicare Policy
The last step taken by the Medicare Beneficiary is submitting payment for the Medigap Policy. In today’s world, most people opt to pay with a bank draft as the payment option. Then, they move to the next phase of binding their Medicare Insurance Policy.
Medicare Beneficiaries should provide a payment method at the time of application. The application and payment could go through in as little as 24 hours or in as many as 30 days, depending on the enrollment period being utilized.
Await Notification from the Insurance Company
The underwriting team reviews your application, which includes the forms and your medical history. After a thorough investigation, the carrier makes the determination if a policy should receive approval.
If the carrier decides the Medicare Beneficiary is a good risk, they’ll accept the application and process the payment. This is when the applicant has a binding Medicare Insurance Policy. Typically, it takes less than 30 days for the insurance company to review an application and make a judgment.
There are occasions when a representative from the insurance carrier will call the applicant to review the medical questions again. Often, this is referred to as a phone verification interview and usually takes about 15-20 minutes.
To get started on your binding Medicare insurance policy give our agents a call at the number above, or fill out an online rate form and get started today!