As you navigate your Medicare coverage, you may find that your current Medicare Supplement (Medigap) plan no longer meets your needs or budget. But is it possible to switch Medicare Supplement plans whenever you want? Here's what you need to know about switching Medicare Supplement plans.
You can apply to switch Medicare Supplement plans at any time of the year. However, unlike Medicare Advantage or Part D plans, Medicare Supplement plans don't have an annual enrollment period. This means that while you can technically apply for a new plan at any point, approval isn't guaranteed if you're outside certain windows, such as your Medigap Open Enrollment Period.
Once you're past your initial six-month Medigap Open Enrollment Period (which begins when you first sign up for Medicare Part B), insurers have the right to use medical underwriting to determine whether to accept your application. If you have pre-existing conditions or other health issues, insurers could charge higher premiums or even deny coverage. The only exception to this is if you're in a state that allows guaranteed issue rights.
Each state has different rules governing when and how you can switch Medicare Supplement plans. Some states have protections in place that allow you to change your Medigap plan without underwriting during specific times of the year or under certain circumstances. For instance, in states like California and Oregon, there are "Birthday Rules" that give beneficiaries a window around their birthday to switch plans without being subject to underwriting.
Additionally, certain states like New York and Connecticut have continuous open enrollment, meaning you can change Medicare Supplement plans at any time without underwriting. It's essential to check the specific regulations in your state to understand your rights and options for switching plans.
If you decide to switch Medicare Supplement plans, the first step is to compare new plans that suit your health and financial needs. Once you've found a plan, you can apply through the insurer. Be prepared to undergo medical underwriting if you're outside of your Medigap Open Enrollment Period and don't qualify for guaranteed issue rights.
It's important to avoid canceling your current Medigap plan before you've been approved for a new one. This ensures that you don't experience any gaps in coverage if your application is denied or delayed. Once your new policy is approved, you can cancel your old one, and your new coverage will take effect.
You can switch Medicare Supplement plan providers while keeping the same coverage. For example, if you have Plan G but want to switch to another insurer offering the same plan, you are allowed to do so. However, switching providers triggers underwriting unless you're in a guaranteed issue situation. The process is similar to switching plans: you apply with the new insurer, and once accepted, cancel your existing policy.
Related Article: 5 Reasons a Medicare Supplement Plan is a Smart Choice
Changing Medicare Supplement plans can be a strategic decision to save money or gain better coverage. But before making any moves, it's essential to know the rules, timing, and steps involved. At Senior Services Insurance Agency, we're here to guide you through the process and help you find the best plan for your needs. Contact us today to explore your Medicare Supplement options. Call us at (800) 952 9101 for further assistance.
