Medicare recipients sometimes find that the supplied coverage is not enough to cover their ailments and enlist Medigap insurance to help cover the areas of medical necessity that Medicare does not. This is a perfectly suitable solution for supplemental insurance, until you find that even your Medigap policy may be lacking, which means it may be time to switch Medigap policies.
Considerations for Switching Medigap Plans
There are a number of reasons individuals may want to switch their Medigap policy, but it is important to remember there are stipulations to switching any insurance policy. The following considerations are acceptable arguments for wanting to switch Medigap policies:
- Your Benefit Necessities Have Outgrown Your Current Policy
- You Are Paying for Coverage You Do Not Use, or That is Unforeseeably Applicable to You
- You are Satisfied with Your Coverage, but You Require a More Cost Effective Coverage Option
- You are Satisfied with Your Coverage, but You Would Like to Employ a Different Insurance Company
Is It Possible to Switch Coverage?
The short answer is yes, you can switch your coverage. The complication in doing so is that you must meet one of the following stipulations before the switch can be considered without the addition of a medical review.
- Your Policy is in Its Infancy of Six Months or Less, Which Begins from the Time of Enrollment
- Your Current Policy is Old, Which Means You Can Purchase a Newer Version, Letting the Old Expire, instead of Switching
- A Newer Policy Would Provide Additional Benefits
- You Are Currently Enrolled in Medicare Select & Are Moving to a Different State
- You Are Switching to a Medicare Advantage Plan, Which Will Not Support Medigap, so it Would Simply Need Canceled
How to Switch Medigap Plans
Contact a new insurance company and apply for Medigap coverage with them, in an effort to lessen your expense or extend your coverage. Once you confirm with the new insurance agency that you are eligible to switch to their coverage, take care to insure that coverage takes place before canceling your existing coverage. The less time you are able to operate without losing coverage the better, so be sure to get all of the facts from the new company regarding waiting periods for new policy holders so you are not caught by surprise during the switch. Remember, there is no such thing as asking too many questions, so be sure to get all of the clarity you desire before you make the switch.
Taking Advantage of the 30 Day Free Look Period
During the first 30 days of your new Medigap coverage, you are able to test drive the coverage before agreeing to proceed with the policy full time. If it is financially possible to keep your previous coverage during this period, please do so. That way, if you are not satisfied with the new policy, you can revert back to the old without any lapse in coverage. Check with the new company regarding their “return” policy if you choose not to maintain their coverage after the first 30 days, so you are aware of what to expect in return for your initial payment. It varies for each company.
Top 10 Strongest Medigap Insurers Based on Market Share