Can I Change My Medicare Supplement Plan?

Feb 9, 2023

Yes, you can change your Medicare Supplement (Medigap) plan. We’ll take you through your options so you have a better understanding of the process. 

To start, it’s important to remember that the best time to first choose a plan is during the Medigap Open Enrollment Period, which begins the first month you are both 65 or older and enrolled in Medicare Part B. 

During this time, you have a six-month period during which you can buy any Medigap policy at the same price a person in good health pays. After this period, you may still be able to change Medigap policies, but the insurance company may charge you more or deny coverage based on your health conditions.

You should also be aware that if you change Medigap policies, you may have to pay a higher premium or lose certain benefits. It is important to carefully review and compare the coverage of different Medigap plans before making a change.

How to change your Medigap Plan

To change your Medicare Supplement (Medigap) plan, you will need to review your options. Look at the Medigap plans available in your area and compare their benefits and costs. It’s important to make sure the plan you choose covers the help you need and fits within your budget. This careful consideration helps in the long-run as well, as then it is more unlikely that you’ll have to change your plan. 

Once you have chosen a new Medigap plan, contact the insurance company that offers the plan. They will be able to provide you with information on how to enroll and will be able to answer any questions you have. It’s also a good idea to consult a Medicare broker near you if you’re unsure about which plan to choose as they will be able to take you through your options, the benefits of each, and the potential drawbacks you need to consider. 

After chatting to your insurance company, you’ll need to complete the application form provided by the insurance company and submit any required documentation. This may include proof of your Medicare coverage, age and residency, and a medical questionnaire.

At this stage, you’ll need to wait for approval. The insurance company will review your application and let you know if you have been approved for the new Medigap plan. If approved, the company will send you a confirmation letter, and you can cancel your old Medigap plan. It’s important to cancel your old Medigap plan to avoid confusion or double coverage.

It is crucial to consider the timing of the change since Medigap plans change their premium, coverage, and sometimes the availability of the plan.

Why People Change Their Medicare Supplement Plan

Why do people change their Medigap plans? 

There are several reasons why people might change their Medicare Supplement (Medigap) plans:

  1. Cost: Medigap premiums can vary widely between insurance companies and plans. If the premium for a person’s current plan becomes too expensive, they may choose to switch to a plan with a lower premium.
  2. Coverage: Medigap plans provide different levels of coverage. Some plans may not cover certain benefits that a person needs or wants, such as coverage for foreign travel. In that case, they may switch to a plan offering more comprehensive coverage.
  3. Changes in Health: People’s health can change over time, which might necessitate a coverage change. For example, if a person develops a chronic condition requiring frequent doctor visits or hospital stays, they may choose to switch to a plan that covers these costs more generously.
  4. Moving: If a person moves to a different state, the Medigap plans available may differ from those in their previous state. They may choose to switch to a more appropriate plan for their new location.
  5. Provider network: Medigap plans don’t usually have a provider network, but in some cases, a person may choose to switch plans to have better access to a specific provider or hospital that they prefer.

Final take 

It’s important to note that changing Medigap plans can have consequences like losing coverage for certain benefits or paying a higher premium, so it’s recommended to carefully review and compare the coverage of different Medigap plans before changing.

If you’re looking for an independent Medicare agent near me, contact the Modern Medicare Agency and we’ll take you through the process from start to finish.