Everything You Should Know To Change Your Medicare Supplement Plan

You are on a Medicare Supplement Plan, but suppose you hear about a different plan that you believe will suit you more. So one of the questions that may arise is: “When can I change my Medicare Supplement Plan?”- this will depend upon your situation.

Medicare Parts A and B cover insurance for health-related expenses, but some health care costs may not be covered under them. “Medigap” is a Medicare supplement plan. It is a private insurance policy that covers the costs that do not come under Medicare, like copayments, coinsurance, and deductibles.

These are out-of-pocket costs i.e. costs that one would normally have to pay out of their own pockets. But the Medicare Supplement Plan you select decides the costs and benefits covered.

Why Might Someone Want To Change Their Medicare Supplement Plan?

There might be a few reasons for a person to want to switch to a different Medicare Supplement plan. Such as:

 

• Discovering the same Medicare Supplement Plan for a lower premium. Or simply finding the plan that you are currently on at a lower cost, being offered by a different insurance company.

Every standard Medicare Supplement Plan having the same lettered name includes the same basic benefits irrespective of where it is bought from. For example, every Medicare Supplement Plan A (or any other lettered plan) provides the same basic benefits, even if it’s sold by a different company. Note- Minnesota, Massachusetts, and Wisconsin follow different standardized plans.

• Wanting to switch to a plan that offers more benefits than what is covered under your original plan.
• Realizing that you do not require all the benefits offered by your current plan and want to switch to a plan that provides fewer benefits, at a lower premium.
• Or, you simply want to buy your current plan from a different insurance company.

When can you change your Medicare Supplement Plan?

If you already enrolled in Medicare Part A and B, you can apply for a Medicare Supplement Plan anytime. But you need to have guaranteed-issue rights for these plans to accept your application. The same applies to the change of Medicare Supplement Plans.

Guaranteed-issue rights mean that when a person applies for a Medicare Supplement plan- whether it is for the first time or they are simply switching to a different plan- their application cannot be turned down if:

• They already have Medicare Part A and Medicare Part B, and
• They are within their 6 month Medicare Supplement OEP (Open Enrolment Period). This time period starts when a person is 65 years of age or older, and also enrolled in Medicare Part B, or
• They have guaranteed-issue rights even after OEP for other reasons (these are mentioned below).

Can you change your Medicare Supplement Plan anytime?

Suppose you want to change your plan outside the 6 months Open Enrolment Period (OEP). For this, the insurance company will consider your health problems and review your medical records. They can charge a higher premium or outright refuse to accept you as a member. But certain situations can ensure you guaranteed-issue rights to switch Medicare Supplement Plan.

• You decided to purchase a Medicare Advantage Plan (for the first time), but decided to drop it for some reason and switch to a Medicare Supplement Plan instead. (These two types of packages don’t work together.)
• Medicare SELECT Plans are also Medicare Supplement Plans but have a provider network that might be required to use. So if you have a Medicare SELECT plan, but you are moving out of the plan’s service area- you have two options. You can buy any Medicare Supplement Plan A, B, C*, F*, K, or L. Or you can switch to a standard Medicare Supplement Plan providing the same or fewer basic benefits similar to your current plan.
• It’s been less than six months since you have purchased your current Medicare Supplement Plan. The insurance company can agree to sell you a new policy with the same benefits, but it can’t add conditions concerning pre-existing health problems, like probationary periods. You might be required to wait for a period of six months for the plan to start covering your pre-existing conditions.

Contact your insurance company to change your Medicare Supplement Plan and know more about it.

Check Out Quietum Plus Ear Health Supplement

The Free Look Period

You get a “free look period” on switching to a new Medicare Supplement Plan which means that you get 30 days to decide whether you are satisfied with the plan or not and if you want to continue using it.

This period starts as soon as you purchase a new Medicare Supplement Plan, but you need to pay a one-month premium for both the old plan and the new one to get this benefit.

The steps to change your Medicare Supplement Plan

Firstly, you need to call up the insurance company from where you plan to purchase your new Medicare Supplement Plan. If your application is accepted by them, you need to contact your current insurance company and ask about the process of ending your current plan’s coverage.

Here are a few suggestions that you must keep in mind.

• Do not terminate your current (old) plan right away. Keep it for the 30-day free look period.
• If you are satisfied with your new plan, you need to call up the insurance company that provided you the old plan and cancel it in writing. They will give you a few instructions that you will have to follow, as the company cannot cancel the plan for you.
• On the off chance that you don’t like your plan, you can continue with the old one. But once a plan has been canceled, it is generally not given back.

If you are new to Medicare, you won’t be able to purchase Plan C or F from Jan 1, 2020. But you don’t have to give up these plans if you already have it.

Contact a licensed eHealth Insurance Agent to get help changing Medicare Supplement Plans.