Sometimes your circumstances can change and you will need more or fewer benefits, lower costs, or a different company. You may be eligible to switch Medigap plans and find a new policy that better suits your needs.
If you are eligible to switch plans, you can try out a different Medigap policy for 30 days. This is the free look period, and if you decide you do not want to keep the new policy within that time, you may return to your old policy.
When You Can Switch Medigap Plans
You cannot switch plans on a whim. Rather, you need to meet a specific circumstance or be covered under guaranteed issue rights to sign up for a Medicare Supplement policy.
Within the six months of your Medigap open enrollment period, you can sign up for a policy, decide you aren’t satisfied, and choose another. This enrollment period begins once you are 65 or older and first enrolled in Medicare Part B. When you sign up for a Medigap policy during these six months, you do not have to go through medical underwriting and can purchase a plan without being turned down for health reasons.
Some Medigap policy types are no longer available for enrollment from new Medicare beneficiaries. If you have an old Medigap policy that is not currently being sold, you can choose to switch to a new policy. However, you cannot return to the old policy after the free look period has passed.
If you move to a different state and use Original Medicare, you can keep the same Medigap policy. You can decide to change policies but may need to pay more or answer health questions.
With a Medicare SELECT policy, if you move out of the policy’s coverage area, you can use your guaranteed issue rights to purchase a new plan, or you can buy a plan from your current Medigap insurance provider with the same or fewer benefits.
Switch Medigap Plans
When you switch to a new policy with the same coverage as your old policy, it cannot exclude your pre-existing condition if you held your old Medigap policy for at least six months. Otherwise, the number of months with your new policy will be subtracted from the time the plan makes you wait before it covers your pre-existing condition.
If you choose a new policy with an additional benefit that was not included under your old policy, you can expect to wait six months before you receive that coverage.
When you are in the market for a new Medigap policy, reach out to the team at Magellan Healthcare. We can match you with all the benefits you need and none that you don’t. Give us a call today.
