How to Change Medicare Supplement Plans

For millions of Americans who receive their health insurance coverage through Medicare, Medicare Supplement Insurance is a real lifesaver.

Also known as Medigap, this insurance helps fill in the gaps that Original Medicare (Part A and Part B) don’t cover, such as deductibles, coinsurance, and copayments, and helps to make the cost of health insurance easier to predict and more affordable.

There are 10 different Medicare Supplement plans, which are sold by private health insurance companies and are regulated by the federal government. The plans are named for letters and the benefits they offer (as well as the costs) vary and depend on the specific letter type.

If you’re new to Medicare or you will be enrolling soon and you’re planning on purchasing Medigap insurance to offset the out-of-pocket expenses, or if you already have Medigap, you might be wondering how to change your Medicare Supplement Insurance plan.

To ensure you have the coverage you need, in this guide, we cover how to change Medicare Supplement plans, when you can change your plan, and why you might want to change your coverage.

Why You Might Want to Change Medicare Supplement Plans

As mentioned, there are 10 different Medicare Supplement Plans. These plans, which are sold by private health insurance companies, are named for letters, and the benefits vary, depending on the specific lettered plan.

Medigap is regulated by the federal government and all lettered plans must offer the same standard benefits; for example, Plan A must offer the same coverage, no matter where it’s purchased and which insurer provides the policy.

That said, there are several reasons why someone might want to change their Medicare Supplement plan. The following are just a few examples:

• Changes in health. If there have been changes in your health since you first purchased your Medigap plan, you might want to change your plan. For example, if have been diagnosed with an illness that requires regular doctor visits and medical care, but the policy you initially purchased offers minimal coverage, you might want to change to a policy that offers more comprehensive coverage.
• Budgetary restraints. If the monthly premiums for your current Medigap plan have become cost-prohibitive, switching to a policy that has lower premiums and is more affordable might be necessary.
• Insurer issues. Medigap plans are sold by private health insurance companies. If you aren’t happy with your current insurance company – they offer poor customer service, for example – you might be interested in changing to a company that offers service that will better meet your needs.

When to Change Your Medicare Supplement Plan

Whatever the reason, if you’re planning on changing your Medicare Supplement plan, it’s important to note that you can do so at any time; however, there are certain times to change your plan that are better than others.

During the Medigap Open Enrollment Period

Just like when you first purchased your current policy, the ideal time to do so is during the Medicare Supplement Open Enrollment period.

During this period, which begins on the first day of the month you turn 65 and lasts for six months, no matter your medical history or the current status of your health, you are guaranteed the right to purchase any Medigap policy that is sold in your state.

As such, if you find that you would like to switch your policy, the ideal time to do so would be during the Open Enrollment period.

If you decide that you would like to switch policies after the Medicare Supplement Open Enrollment period, you will still be able to; however, it’s important to understand that your application will be subject to medical underwriting.

That is, the insurance company (even if it’s the same insurer your current policy is with) can consider your medical history and the current status of your health when assessing your application.

As such, if you have health-related issues, such as a pre-existing condition, it’s likely your premiums will be higher and there is a chance that your application will be denied.

During the Free Look Period

When you purchased your initial Medicare Supplement plan, you may have been granted a free look period. During this period, you are given 30 days to determine if you want to keep your policy or switch to a new one.

Do note that during this period, you will need to pay the premiums for both plans and at the end of the 30 days, you can decide if which policy you want to keep and which one you want to get rid of.

After Trialing Medicare Advantage

If you originally had Medicare Part A and Part B and a Medigap policy but you decide to switch to Medicare Advantage (Medicare Part C), if you aren’t satisfied and you decide you want to go back to Original Medicare and Medigap coverage, you will have one year to do so.

How to Change Medicare Supplement Plans

Changing your Medigap plan is a pretty simple and straightforward process. If you do decide that you would like to change plans, first make sure that you do your research and determine which plan and insurer you would like to switch to.

Contact the insurance company you want to switch, and provide them with your personal details, such as your name, Medicare number, and other pertinent information.

After you’ve submitted your application, once it’s been approved, contact your original insurer and let them know that you would like to cancel your coverage.

Be sure you cancel your current plan before your new plan starts; otherwise, you’ll end up with overlapping coverage and will need to pay the premiums for both plans.

Discovering the best Medicare plan doesn’t have to be confusing. Whether it’s a Medigap plan, or you have questions about Medicare Advantage or Medicare Part D, we can help.

Call us today at 1-888-891-0229 and one of our knowledgeable, licensed insurance agents will be happy to assist you!