Tips to switch Medicare Supplement plans, the Medigap policies

Buying Medicare supplement plans before or on being eligible is acceptable. Especially during the open enrolment period, it is best to make use of the right time, so that you are not burdened with questions. In fact, this is the wonderful time as the insurance companies also cannot intimidate you based on the medical answers you offer. Precisely, the open enrolment period of Medigap is a wonderful opportunity for anyone to get enrolled and to avail their choice of plans at the same rate like all others who have no health issues.

Buying Medicare supplement plans does not mean it is the end of everything. There is flexibility and you can switch from the Medigap policies, if required. Here are 4 reasons permitting switching:

  • You are paying for unnecessary benefits that you are not using.
  • You may require additional benefits than ever before.
  • Your Medigap policy existing may have right benefits, but if you wish to switch the insurance company
  • Your Medigap policy must have the right benefits, yet you wish to get a lesser costing policy.

 Generally, you are not allowed to switch in Medigap policies and this right is not given as per the Federal law, unless it is applicable as mentioned below:

  • You are within the Medigap 6-month period of open enrolment.
  • You are eligible under guaranteed issue rights or under a specific circumstance.

Another very important thing to know is that Best Medicare Supplement Plans 2018 policy holder need not wait for a long time after purchasing the Medigap policy to switch to another Medigap policy. 

How to switch?

In case you plan to change insurance companies, you may call for new insurance company and also arrange for the new Medigap policy through application. If your application gets accepted, you can call the current insurance company and request it to end the coverage. The insurance company will inform you the procedure to submit and the way to request to end the coverage.

Free-look period

Generally, people are allowed to keep Medigap new policy for 30 days and this is referred to as the Free-look period. This starts from the time you get Medigap policy so that you pay in one month for both premiums.  Finally, make a note that you must not cancel the first Medigap policy until the second Medigap policy becomes live. In the application, also confirm the cancellation of the first policy.