Many people think that once they sign up for a supplement plan they are locked into it until the annual enrollment period each year starting in October. This is simply not true. Changing Medigap plans is far more common and far easier than you might think. This is because they are month-to-month policies and may be changed anytime throughout the year. Your health and medical needs changes with your age, so it is a good idea to think about the kind of medical insurance you have as you grow older.
Medigap plans are a form of supplemental insurance to Medicare. They basically fill in the gaps in coverage that Medicare does not provide. This includes paying for foreign medical care, covering hospice stay for extended periods, providing coverage for blood, and paying for deductibles and co-payments.
While Medicare can cover a majority of major medical expenses, it is recommended that most people obtain a secondary form of insurance to cover everything else. This is especially true for the elderly and those at risk of serious health conditions. You should not have to worry about whether or not you can afford to go to the doctor when an emergency occurs.
Open enrollment for a Medicare supplement starts at age 65. During the six-month period afterwards, you are guaranteed acceptance into any plan from an insurance company. These insurance providers cannot raise their rates for you because of your age or preexisting medical conditions.
Changing Medigap Plans
You may change a supplement plan at any time during the year. You can switch to a different policy if you want more or less coverage or if you want to decrease your premium. For example, many people who choose Plan F for its comprehensive coverage decide to change to a cheaper policy later when they realize they do not require full coverage. This allows them to receive all the medical insurance benefits they need at a lower premium.
Annual enrollment period for Medigap runs from October 15th to December 7th. This is only if you currently have a Medicare advantage plan and you are wishing to return to original Medicare and a supplemental plan. If you are already covered under a policy, you do not have to wait until then to switch to a new plan. This annual enrollment is only for those who want to change their Part D drug plans or for those who are coming off of Medicare Advantage.
Everyone else can simply switch policies at any time. If you’re considering changing Medigap plans please feel free to use our website to get instant quotes from top carriers in your area. It’s fast, easy to use, and absolutely free. We compare the prices of policies for you from the top companies, and we compare rates between insurance companies to ensure you get the best deal possible.