change medicare supplement plan

Change Medicare Supplement Plan?

Did you know that you can apply to change Medicare Supplement plan at any time during the year? There is no annual enrollment period with Medicare Supplement insurance plans, you just have to go through the health underwriting process and be approved for the new plan.

Like many health insurance plans – especially ones with guaranteed enrollment – there is an annual enrollment period for changing benefits. The same is true when it comes to Medicare. Sometimes the annual Medicare enrollment period is confused with your one-time Medicare Supplement Open Enrollment Period, which happens typically at age 65.

The Medicare annual enrollment period is each year from October 15th through December 7th. This period is really for those that want to enroll in or change their Medicare Advantage (Part C plan) or Medicare Part D Rx coverage. If you are currently enrolled in a Medicare Supplement (Medigap) plan, and you want to change/switch, you don’t have to wait. This is because Medicare Supplement insurance plans don’t fall under the same rules and regulations that Medicare Advantage and Medicare prescription Part D plans are under.


Why change Medicare Supplement Plan?

 It’s not uncommon for individuals to want to change their Medicare Supplement insurance/Medigap plan, for a variety of reasons:

  • You could be paying for benefits you don’t really need. You may save money by switching to a more streamlined plan.
  • You may find you need benefits you didn’t need before.
  • You want to change insurance carriers, even though you’re in an appropriate plan.
  • You find a less expensive plan with the same benefits.
  • You have a Medicare SELECT policy and you want to move out of the coverage area.

If any of the above apply to you, you may want to consider making a switch. You can apply to switch/change Medicare Supplement Plan.


The Best Time to Buy

The best time to buy a Medigap policy is when you’re first eligible, during the six-month open enrollment period around the month in which you turn age 65 or older and enrolled in both Medicare Part A and Part B.

Buying during your open enrollment period gets you guaranteed enrollment, regardless of your medical history or condition. You cannot be turned down because of your health, and you can sign up for any Medigap plan on the market.

If you wait, you may have to go through medical underwriting to get approved, or you may have to pay higher premiums, or both.


Free Look Period

Generally, there are some restrictions that apply that limit your ability to make changes to your Medigap coverage. But you do get an automatic 30-day “free look” period after receiving your Medigap policy to decide if you want to keep it.

Hint: If you do choose to switch Medigap policies, don’t cancel the old policy until you have decided to keep the new Medigap policy. Your application for the new one will require you to promise to cancel your first policy upon enrolling in the second.


How To Change Medicare Supplement Plan?

Don’t try to ‘go it alone,’ when it comes to Medicare and related coverage. An experienced, qualified agent who specializes in Medicare Supplement (Medigap) protection can help you make critical decisions about your coverage, as well as help you not to overpay when getting 100% on Medicare.

If you want to change your current Medigap policy, or simply get some quotes and see what your coverage and premium options are, please call me at 888-901-4870. Or drop us an email using this online contact form, and we’ll get in touch with you promptly.

We may be able to get you enrolled in the same Medicare Supplement Plan you have now, like a Plan F or a Plan G for example, but you’ll be paying much less! This ensures you are getting the best value possible for your premium dollar.

And as always, there’s no charge for our services. As an independent insurance agency, the insurance companies compensate us for our time. We work for you.

We look forward to hearing from you.

Lifelong Insurance
Lifelong Insurance

I’m Chad Cason, owner of Lifelong Insurance, LLC, and I specialize in helping people with their Medicare, Medigap and Medicare Advantage decisions. As an independent health and life insurance broker, I’m not tied to any one carrier. Instead, I’m free to walk you through any of the major reputable carriers in your area and help you make the right decision for your individual circumstances.

1 Comment

  1. I was talking to a friend of mine who went to the same high school as me to catch up. She has been looking into Medicare supplemental plans for her grandmother. This was new information for me that I wanted to learn more about. It might help her to know not to go it alone when looking at this type of coverage like mentioned.

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