Photo by Eric Rothermel
Can You Change Medicare Supplement Plans Anytime?
Medicare Supplement plans, also called Medigap plans, help cover some of the out-of-pocket expenses associated with Original Medicare. These plans can help with expenses such as deductibles, copayments, and coinsurance.
But what happens if your current plan no longer fits your needs?
Maybe your monthly premium has increased. Maybe you found the same plan for a lower price with another insurance company. Or maybe you want more coverage, or less coverage, than you currently have.
The good news is that, unlike Medicare Advantage plans, you can generally apply to change Medicare Supplement plans at any time during the year.
Why People Switch Medicare Supplement Plans
Your healthcare and financial situation can change over time, which is why many Medicare beneficiaries review their coverage periodically.
Some common reasons people switch Medigap plans include:
- Lower monthly premiums
- Better rates from another insurance company
- Wanting more comprehensive coverage
- Reducing benefits in order to save money
- Concerns about rate increases
Since Medigap plans are standardized in most states, the benefits for each plan letter are the same regardless of the insurance company. For example, a Plan G from one carrier provides the same basic coverage as a Plan G from another carrier.
Can You Change Medigap Plans Anytime?
However, approval is not always guaranteed.
Outside of your Medigap Open Enrollment Period or certain guaranteed issue situations, insurance companies may use medical underwriting to review your health history before approving your application.
Depending on your health, a carrier may:
- Approve your application
- Decline coverage
- Charge different premiums based on health status in some states
For this reason, it is important not to cancel your current Medigap plan until you have been approved for a new one.
What Is the Best Time to Switch?
- Age 65 or older
- Enrolled in Medicare Part B
During this time, insurance companies generally cannot deny coverage based on health conditions.
Certain guaranteed issue situations may also allow you to switch plans without underwriting.
Final Thoughts
You are not necessarily locked into your Medicare Supplement plan forever. Many beneficiaries shop for better rates or different coverage as their needs change.
Before switching plans, compare costs, benefits, and underwriting requirements carefully. A licensed Medicare agent can help you review available Medicare Supplement options in your area.
Got Medicare Questions?
We hope that this information on Medicare supplement is useful to you.
Let us help you answer your questions so that you can get back to the activities that you enjoy the most.
Call (888) 446-9157, click here to get an INSTANT QUOTE, or leave a comment below!
See our other websites:
This article is for informational purposes only and is not a complete description of benefits. Benefits, availability, and underwriting rules may vary by state and carrier.