Are you among the thousands of seniors who have a Medicare Supplement plan? If so, you may face rate increases at some point, and consider changing to a more affordable plan.
You can stay with a plan as long as the coverage and insurance company continue to meet your needs. Because of federal law, all people searching for a Medicare Supplement plan have a guaranteed shopping period called your Medicare Supplement Open Enrollment Period.
During this time, if you qualify, your carrier might cover your pre-existing conditions as of your effective date. When can I switch plans? See also What is Medigap and why should I buy it? How much do Medigap plans cost and what do they cover? Need more help? Plan C and Plan F. Those who stay with their previous plans can keep that benefit. This happens during the 30 days immediately after their birthday without a medical screening or a new waiting period. The new policy must have the same or fewer benefits than the old policy.
Across the nation, there is a confusing array of 10 Medigap policies offering different levels of coverage. To compare them, you can read this article on MedicareGuide. Keep in mind that Plan C and Plan F are no longer available to newly eligible beneficiaries buying Medigap policies after January 1, Plan G is the closest to Plan F, which has offered the most comprehensive coverage.
Plan G, though, does not cover the Part B deductible. Plans K and L come with out-of-pocket limits for the beneficiary before they pick up full expenses. As with many kinds of insurance, the world of Medicare Supplement plans can feel overwhelming, with a whole new set of rules and restrictions. If you have had coverage and are looking for a change, switching your policy is even more complicated, depending on which state you live in and what level of coverage you seek.
But it can be done. Read over our chart on Medigap benefits, look at any rules in your state that might affect you for better or worse, and check your situation against the restrictions outlined above. The decision you make could affect your healthcare choices for a long time to come. Government Website for Medicare. Blanton, Kim. Center for Retirement Research. We do not sell insurance products, but there may be forms that will connect you with partners of healthcare.
There is no deadline, the only restrictions on changing Medicare Supplement plans are that the applicant may have guaranteed issue again. This is extremely important to those with pre-existing conditions.
Working with an insurance agent, they will be able to tell you the best possible solution for your situation. There are some situations that force you to cancel your Medicare Supplement plan and only keep Medicare or Medicare Advantage. But, 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. Remember, the cancellation of the old insurance should only happen after the start of the new insurance policy to prevent any gaps in coverage.
Many people think Medicare is free. But, there are many costs you need to understand. This is why our recommendation is Medigap coverage. Changing Medicare Supplement insurance can be more complicated than signing up for the first time. The best plan for your neighbor may not be the best plan for you, let us help you get the coverage you deserve at a price you can afford.
Contact us today for a free quote by calling the number you see above. Our team of licensed insurance agents in your state are experts when it comes to Medicare guidelines and best practices. We know your time is valuable if you prefer to compare rates online then fill out our online rate form.
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