What You Need to Know Before Switching Medigap Policies

If you’re not satisfied with your current coverage and considering switching Medigap policies, it’s important to know what circumstances can affect the rights you have. As your healthcare needs change, your current supplement plan may no longer suit your needs. Here is what you need to know before switching your current Medigap insurance.

Switching Medigap Policies

You’re entitled to a guaranteed issue if you apply within six months from the first day that you turned 65 and acquired Part B. During this time, the insurer cannot deny coverage or charge higher premiums based on your health status, pre-existing condition, or age. If you don’t like your new insurance plan, you have a right under federal law to switch or cancel it within your OEP. 

Switching Medigap Plans During Open Enrollment

Switching Medigap policies during open enrollment is the best time to make changes. You’ll still be granted guaranteed issue and won’t be penalized. Once your Open Enrollment Period has ended, it may be more difficult to switch your Medigap policy.

Circumstances that Allow you to Switch Medigap PlansSwitching Medigap Policies

Switching Medigap plans may be the best option under the following circumstances:

  • You no longer need the benefits
  • You need additional benefits
  • You get another insurance provider with cheaper options 
  • Change in the financial situation- a slight change on the in either direction (lower or higher) may lead to changes in your supplemental insurance.

Switching Medigap Companies

The insurance company is at liberty to increase the premium rates or deny coverage. Therefore, you shouldn’t drop your existing insurance coverage until you’re sure about new coverage. When switching Medicare companies outside your OEP, they can require medical underwriting.

When Will the Insurance Provider Not Penalize you for Switching Medigap Insurance Policies?

Some states and insurance companies provide a guaranteed issue to anyone who wants to change plans after the expiration of their Medigap Open Enrollment PeriodSome of the circumstances that you have guaranteed issued rights include:

  • If the insurance company goes out of service or gets bankrupt
  • If the insurance company gives you misleading information during your registration period or has been non-compliant with the law
  • You’re in a Medicare Advantage plan, but the insurance company stops covering the service area where you live
  • You’re moving out of the plan service area

Can I Cancel My Medigap Insurance Anytime?

There are some situations that force you to cancel your Medicare Supplement plan and only keep Original Medicare or Medicare Advantage. However, you should be aware that the chances of getting the Medigap coverage back once you cancel are minimal. Some companies may provide coverage under specific conditions after cancellation, although that may be impossible if you already have a pre-existing condition.

Ensure that you have another alternative before canceling your current plan. This is because a policy may be difficult or impossible to get back once you lose it. The cancellation of the old insurance should only happen after the start of the new insurance policy to prevent any gaps in coverage.

How to Switch My Medigap Supplement Insurance Policy Online

To switch your Medigap supplement insurance policy online, the first step is to complete our online rate form or call one of our licensed agents by dialing the number on our website. Once we receive your information, an agent will research your options and contact you right away. Don’t do this on your own, secure your medical coverage by using the right resources that are available to you. Contact an agent licensed in your state today!

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