This depends on the limitations set by your health and state. Switching between policies may be beneficial but it will all depend on your particular situation. For instance, an insurance provider cannot deny you and change your rate due to preexisting conditions. This is only if you purchase a Medigap policy within the 6-month enrollment period for Medicare Part B. However, an individualâ€™s health can affect premiums and coverages. Healthier individuals may qualify for lower rates. Unhealthy individuals may see a rise in their premiums upon switching.
Switching to a Less Comprehensive Policy
Some insurance companies will allow their policyholders to switch to a much less comprehensive policy without a need to go through medical underwriting.
In 2017, Plan F had a pretty high deductible of $2,200 before Medigap coverage would kick in. A 65-year-old man had a median annual premium of $610 versus the $2,184 for the standard Plan F. However Plan N offered similar coverage as Plan F but with just the Part B deductible of $183 along with a copayment of $20 for every visit to the doctor and a $50 for every visit to the emergency room. Median annual premiums for Plan N though are $1,448
States may vary in the options to switch regardless of any preexisting conditions.
- For instance, in New York, individuals may switch Medigap policies at any time. In Missouri, individuals must wait until the anniversary of their policy enrollment to switch to another plan from the same insurance company.