Medigap plans are the extra cushion to your health plan. With these supplements, you can easily fill the holes in your health insurance with a monthly premium. Whether a plan F, G, N, or the other alphabet-soup plans, you have many options that perfectly fit your current needs. But what happens when your plan isn’t covering enough? What if your plan isn’t working financially, and you need a change? You have to change MA plans during specific periods like the AEP. Does the same apply to your Medicare supplement?
Medicare supplement plans augment your Original Medicare (Part A and Part B) coverage by paying for certain out-of-pocket costs. These plans aren’t necessary but help those who cannot afford these payments.
Why You Might Change Your Medicare Supplement
Your plan might have been good for you in the past, but you might need a change. Maybe one reason is that you need a plan with a lower monthly premium. Perhaps it’s because you found the same plan at a cheaper price from a different insurance company. (Medigap plans are standardized benefits across each letter, so the basic benefits for a plan A are the same for every company that also sells a plan A). Maybe you need more benefits and want to switch plan letters to get increased coverage. Perhaps you don’t use the benefits you have currently and want to switch to a lighter plan.
Can I Switch Medigap Plans Whenever I Want?
The simple answer is yes, you can apply for another plan any time as long as you have Part A & B. Yet, a company doesn’t have to accept you. You must submit to underwriting, and the company may not accept you for coverage. Some states have a monthly guarantee issue.
Want to find out what Medigap plans are on the market? Contact your agent today and ask for a quote.
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