There can be good reasons to consider changing Medicare Supplement (Medigap) insurance plans if you can find another insurer that’s willing to sell you a policy.
- The Medicare Supplement plan you are on is not giving you the coverage you may want.
- The Medicare Supplement plan you are on has have had large Premium increases and not affordable any longer.
Unlike other types of Medicare coverage, you can join or switch Medigap plans any time the plan is taking new members and will accept your enrollment. After your Open Enrollment in a Medicare Supplement, you will need to pass medical questions if the company has any. This is a reason to work with a broker that has many carriers. Each Insurance company that has Medicare Supplements differ on how they underwrite. Working with an experienced Insurance broker will allow them to shop the plans and give you options after asking some basic questions about your health.
Medigap Open Enrollment Period, the six-month period when you’re first eligible for Medicare Supplement insurance. During your Open Enrollment Period, you can join any plan with guaranteed issue, meaning Medicare Supplement insurers must sell you a policy and can’t charge you a higher premium for health reasons. (depending on the State you live the carrier may be able to rate you higher if you use tobacco). After this period, you may have trouble finding an insurer that will sell you a plan, especially if you have pre-existing conditions*.
If you do decide to switch plans, shop. Ask informed questions and work with an insurance agent that carries many of the insurance carriers that sell Medicare Supplements in your State. Also, keep in mind that if you switch Medigap plans and change your mind, you may not be able to get your old plan back while in the free look period.