When Can I Change my Medicare Supplemental Insurance Plan?

Medicare Supplemental Insurance Plans offer great coverage, but sometimes it’s worth it to look into changing plans. Whether it’s looking to change to a different plan or to simply keep your current plan and get a lower rate, we’ll explain the easiest way to change Medicare Supplemental plans.

Changing Medicare Supplemental insurance plans is easier than you might think, but there are some things you need to be aware of. Many people believe they can only change their Medigap plan during the annual open enrollment period each year in October. 

You can change your Medicare Supplement plan at any time during the year, however, if you are outside your 6-month Medigap open enrollment period then you will have to get approved through medical underwriting.

There are no specific timeframes in which you may apply for another Medicare Supplement plan.

Enrolling in a Medigap policy is an important step to ensure financial protection against unexpected medical costs associated with Medicare Part A or B coverage gaps. Luckily, there are several opportunities available for enrollment.

One of the most popular times to enroll in a Medigap policy is when you first become eligible for Medicare Part A or B, which typically happens when you turn 65 or if you have disability-related Medicare coverage. During this initial enrollment period, insurance companies must offer Medigap coverage regardless of pre-existing conditions, making it one of the best times to purchase a plan.

Guaranteed Issue Periods

In addition to the initial enrollment period, certain “guaranteed issue” periods may allow you to enroll even if you have pre-existing conditions. These periods occur after the initial enrollment period has passed and generally require joining within 63 days after losing other creditable coverage like employer-sponsored health insurance.

Some states also offer open enrollment periods where anyone can join a Medigap policy regardless of age or health status. However, these open enrollment periods usually last just a few months per year and vary by state.

It’s important to note that premiums may still be affected by your age and health condition regardless of when and where you enroll in a Medigap policy. However, during certain enrollment periods mentioned above, premium increases due to pre-existing conditions will be prohibited.

If you’re a Medicare beneficiary, it’s important to understand when it might be beneficial to switch your Medicare supplement plans.  

Costs can vary significantly between Medigap plans; while the same coverage benefits may be offered by two different providers, the premiums of each plan will be different based on individual factors such as age and location.

If you find that your current plan is becoming prohibitively expensive, you may wish to shop around and compare prices with other providers.

The needs of individuals can also change over time – for example, if you are relatively healthy and have been paying a higher premium for a Medicare Plan F, then perhaps you’d rather switch to a Medicare Plan G or even Plan N. 

This will provide you with great coverage, but slightly lower coverage and a lower monthly premium.

Medicare Supplement Rate Increases

Medicare Supplement plans typically have yearly rate increases. Though these have been relatively small over the last few years, they can add up over the years. And if your health is relatively good, there’s no reason to pay any more than you should for your coverage. 

Medicare Supplement Plans are Standardized

In recent years, the standardization of Medicare supplement plans has become an important issue for both policymakers and consumers alike.

Standardized plans provide patients with more options and a better understanding of the coverage they are obtaining. This is because all insurance carriers offering the same plan must adhere to a set of minimum standards, otherwise known as “essential benefits.”

These essential benefits include coverage for hospitalization, doctor’s visits, home health care, preventive care, and nursing home care. Furthermore, all insurance companies offer the same benefits and the same Medigap plans.

But they all charge different rates for them!

The standardization of Medicare supplement plans also makes comparison shopping easier for potential customers. Comparisons between different companies can be done on an apples-to-apples basis rather than comparing different plans from multiple providers.

The standardized formulary also helps customers identify which plan best fits their needs in terms of coverage and cost before making any commitments or purchases.

Therefore, if you currently have a Medicare Supplement plan you can rest assured that a different company offering the same plan letter has the exact same benefits, even if their rates are much lower. 

Why pay more than you need to?

Doctors cannot pick and choose which Medicare supplement plan companies they wish to accept. 

If a doctor accepted your old Medigap plan, meaning they accept Original Medicare itself, then they will also take any new Medicare supplement plan that you have. 

It’s very common for employees at doctor’s offices to confuse Medigap plans with Medicare Advantage plans. Doctors are allowed to decide which Medicare Advantage plan networks they choose to participate in.

Because Medicare Supplemental plans work alongside Medicare, which is a federal program, doctors do not have the option of choosing different insurance companies to work with because there is no network.

In order to change your Medicare Supplement plan, you will have to work with an agent. Even if you call the insurance company direct, only a licensed agent can answer your questions and help you apply for coverage.

Why You Should Work with an Independent Agency

We’re an independent insurance agency that works with the top insurance companies to help people like yourself. The reason this is so important is that we can shop all the company’s rates at once to help find you the right coverage for the lowest premiums, and our service is entirely FREE.

Can’t I just do this myself?

In order to get rates from all the companies available, you would have to call each one directly. You will then be talking to a sales agent each time, who will be only trying to sell you their policy.

If you ask them what the rates are from another company, they’ll never tell you! This is in THEIR best interest, not yours.

For no cost, we do all the legwork for you. And if you do get a rate increase, we’ll shop the rates for you each year to always make sure you’re paying the least amount possible.

To get started, give us a call today.