You may have asked, “Can I change Medicare Supplement plans anytime?” The answer is yes; you can change Medicare supplement plans. But another question to ask yourself is, ” Do I need to change it?”
This article will let you know whether you need to change your Medicare supplement plan or not.
Let’s get started.
The Medicare supplement plan is otherwise known as Medigap.
It is a health insurance policy issued by private insurance companies to cover loopholes in Original Medicare policies.
Medicare supplement plans help pay some of the health services costs not covered by Original Medicare (Medicare A and B), including copays, coinsurance, and deductibles. However, it is worth noting that Medigap does not replace Original Medicare.
7 Things You Must Know About Medicare Supplement Plans
1. To be a beneficiary of the Medicare supplement plan (Medigap), you must have enrolled for Medicare Part A and Part B.
2. A Medigap policy is uniquely different from a Medicare Advantage Plan. A Medigap policy plan does not replace Original Medicare but gives additional benefits to Original Medicare.
3. A Medigap policy is solely for a single person; if your spouse is interested, you must purchase different policies.
4. Pay a monthly premium for your Medigap policy to the private health insurance company. This payment is different from the monthly premium paid to Medicare.
5. Medigap policies can be renewed. In other words, a health insurance company can’t discontinue your Medigap policy if you pay your premium.
6. You can’t buy a Medigap policy if you already have a Medicare Advantage Plan.
7. Medigap policy doesn’t pay for hearing aids, dental care, private doctor or nurse services, or vision care.
Why You May Want To Change Your Medicare Supplement Plan
1. You can change your Medicare supplement plan if you are not pleased with your current Medicare supplement plan.
2. You can change it if you find a plan offered by a different company that gives the same or better benefits at a cheaper rate.
3. You wish to try another company and see what they offer.
When is the Best Time to Change Medicare Supplement Insurance Plans?
It’s exciting to know that you can apply for a change of Medicare Supplement anytime. However, some conditions must be fulfilled, which are:
1. You must be registered in Medicare Part A and Part B.
2. You must be within your 6-month Medicare Supplement Open Enrollment Period (OEP). This time begins when you turn 65 years or older and are registered in Medicare Part B coverage.
3. You must have guaranteed-issue rights to change the Medicare supplement plan.
How Can I Change Medicare Supplement Insurance plans?
Changing your Medicare Supplement plan is not difficult as long as you follow due process. The first step is to call the health insurance you are currently subscribed to and inform them of your intention to change your supplement plan.
As soon as your application is accepted, ask the health insurance how to end your current plan, then follow the instructions.
You can change your Medicare Supplement plan anytime you want. However, you must carefully review your current plan and the new plan you wish to enroll in, which will help you make a better decision.
Want to speak to a licensed advisor? click here.