Should I consider switching Medicare Supplement insurance plans?

Should I consider switching Medicare Supplement insurance plans?

If you found a plan that better suits your needs and is accepting new members, there is nothing wrong with considering switching Medicare Supplement (Medigap) Insurance Plans. Unlike any other Medicare coverage plan, Medigap plans can be joined or swapped whenever the plan is taking new members.

Switching After the Open Enrollment Period

If you choose to change plans after your Medigap Open Enrollment Period, you may have fewer options. During your Open Enrollment Period, you are welcome to join any plan with guaranteed issue. This means Medigap insurers are required to sell you a policy, and they may not charge you a higher premium no matter what preexisting health conditions you may have. 

If you choose to change plans after Open Enrollment, be wary that you may end up paying more for your coverage. Additionally, if you change Medigap plans, you may not be able to switch back to your old plan if you change your mind. 

Why You Might Consider Switching Medigap Plans

You Do Not Like Your Current Provider 

If you are unhappy with your current Medigap insurance company, you may want to consider changing companies. Typically, there are ten Medigap plans available in each state. Regardless of insurance, each plan of the same letter should offer the exact same coverage. So if you wish to keep the same benefits package but change companies, you should be able to. 

Your Health Has Changed 

If your health needs have changed, a change of plan may be a good choice. This may be the case if you no longer need the benefits your package offers, or conversely, your health coverage more benefits than your current plan provide.

Your Financial Situation Has Changed

If you can no longer afford the plan you are on, you may want to consider changing to a less-expensive plan. This can be beneficial because, since plans are standardized, you may be able to find the same plan at a lower premium through a different insurance company. 

Some insurance companies base your premium on your age while others charge the same despite your age. This could mean you are paying a higher premium than you could be with a different company. 

You Have Moved Out of Your Medicare SELECT Plan's Service Area

If you have Medicare SELECT and have moved out of your plan's area of service, you may be required to change providers. Medicare SELECT plans require you to use particular provider networks to be covered. If you change locations and can no longer receive your coverage, you may choose to switch to a Medigap Plan A, B, C, F, K, or L that is provided by a company in your new area. However, you must do this no later than 63 days after your plan's coverage ends. 

Your Medigap Insurance Company Closes 

If the company that provides your Medigap insurance goes out of business, you will need to switch to a new plan. If you lost your coverage because your insurer goes bankrupt, you have a guaranteed-issue right to join another Medicare Supplement insurance plan. If this is the case, you can join a Medigap Plan A, B, C, F, K, or L available in your area, as long as you register no later than 63 days after the end of your coverage. 

Your Medigap Insurance Provider Committed Fraud 

If your Medigap provider committed fraud or misled you, you are guaranteed the right to change Medigap plans. Like in other cases, you have until 63 days after your insurance coverage ends to swap to a new Medigap Plan A, B, C, F, K, or L. 

Other Situations

There are other scenarios when you may have guaranteed issue rights. If you have any questions, please contact Medicare at any time at 1-800-MEDICARE (1-800-633-4227; TTY users 1-877-486-2048).

Dropping Your Old Policy

When swapping insurance plans, you can try out your new Medigap plan for up to 30 days before dropping your original plan. This way, if you are unsatisfied with your new plan, you may seamlessly go back to your old plan. This timeframe is your "free-look period." During this time, you must pay the premiums on both of your insurance plans, and you must state in your Medigap application that you plan to cancel the first Medigap plan after 30 days. After this first month, you may choose which plan you wish to keep and drop the one you do not want.

If you found a plan that better suits your needs and is accepting new members, there is nothing wrong with considering switching Medicare Supplement (Medigap) Insurance Plans. Unlike any other Medicare coverage plan, Medigap plans can be joined or swapped whenever the plan is taking new members.

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Should I consider switching Medicare Supplement insurance plans?