What is the Guaranteed issue Rights in the Medicare Advantage Plans?

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The word guarantee means the trust and surety of something for a particular time. The guaranteed issue rights are the surety terms of Medicare advantage plans that can protect you from underwriting in the insurance field. Your health condition history is checked by the insurance companies for determining your cost levels.

It will help the insurance organizations for deciding if their plan covers your costs or not and also the decision of charges used on your overall coverage. This is the process named as medical underwriting. The two ways of avoiding the underwriting situation are as following:

  • Try to enroll in the plan when you are of age 65 or more an already enrolled into the Medicare part B. This enrolment should be done during the Medicare advantage open enrolment period. This period is almost of 6th months and started with your age 65.
  • The second way is by having the guaranteed issue rights or when you lose the health insurance because of any situation that is out of your control.

Time for Enrollment:

The perfect time for acquiring the guaranteed issue rights in the Medicare advantages plans is when your open enrolment period of Medicare advantage period is running. Once the period has been passed there is no chance of it repetition and you just lost the chance of grabbing the plan. Although the perfect time is only the enrollment period because it will provide you with the legal authorities on any Medigap plan that you get from any insurance company in your nearby service area.

After the close of this period, you are unable to get the benefits of guarantee. When you are not aware or sure about the plan qualification situation you are completely unaware of the costs an also have no guarantee. You can also get the guaranteed issue rights when your insurance organization is bankrupted.

But this is not the only time for your enrolment for accessing the guaranteed issue wrights in your Medicare advantage plan. You can also get the guaranteed issue rights when your insurance organization is bankrupted.

Conclusion:

So the guaranteed issue rights are the protection of your Medicare advantage plan offered by any insurance company. It is for ensuring the benefits of the plans and delivers you with the guarantee of services covered under the selected plan. You may be sure that you are in protected hands when you have the Medicare advantage plan with guaranteed issue rights. So stay sure and stay safe.