Switching Medicare Supplements

By Author: Medigap Seniors
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When you are enrolled in a Medigap policy, you need to regularly inspect if your current plan still serves you and if still fits your financial capacity. If your current policy does not cover you the benefits that you need, then you can check other policies that may satisfy you. There are also some plans that are cheaper with other companies.

Can I switch Medigap policy?

Under the federal law, you cannot switch to any Medigap policies except that you are in your 6 month Medigap open enrollment period or that you have guaranteed issue rights. But in some instances that your state allows it and there are few insurance company that may sell you plans, ensure to compare the premiums and benefits before switching.

If you are enrolled in a plan before 2010, the policy may have benefits that are no longer available in new policies. On the contrary, policies purchased earlier than 1992 may be not guaranteed renewable and may also offer substantial amount of increase than the new standardized plans

What is a free look period?

If you decide to change policy, don’t terminate your first Medigap ...
... plan except you have already decided to keep the new one. Once you apply for a new policy, you are bound to cancel your first policy. You are given a 30-day time to decide whether you want to retain the new plan. This pertains to the ‘free look period’. During the time, you have to pay both the monthly Supplemental Insurance Rates .

What are Reasons for changing a plan?

1. You need more coverage that is not covered by your present policy.

2. You are paying for benefits that you do not require

3. Your present insurance company has the appropriate benefits, but still you want to change

4. Your present insurance company has the appropriate benefits, but you want to apply for a plan with lesser premium

Can I keep or switch Medigap Plan if I am going to shift to a new state?
As long as you have original Medicare, you can retain your present Medicare supplement plan in spite of where you are living. If you want to shift to a new plan, you can verify it with your present or incoming insurance provider to see if they can offer you a new policy.
Remember that if you are changing a plan beyond the open enrollment period, you have to answer some medical questions and you may pay for increase premium in your new coverage.

Can I change plan if I am a Medicare Select holder and I am moving out of the state?

In this case, you have the following options:

1. You have guaranteed issue right to purchase any of Medicare supplemental policy A, B, C, F, K, or L that is sold in the majority of the states by any insurance company.

2. You can enroll in any standardized Medigap plan from your present insurance provider that offers the same or lesser coverage than your present Medicare Select plan. If you are enrolled in Medicare Select for over 6 months, then you don’t need to answer any medical questions.