Finding the right Medicare Supplement policy is an important part of managing your healthcare costs as you get older. But what if you are not happy with your plan? Maybe your monthly payments are too high, your coverage is not good enough, or your health needs have dramatically changed over time?

Switching Medigap policies is possible, but the process is not always straightforward. There are rules about when and how you can make a change, and those rules depend on different factors. Below, this Medicare Supplement broker in Kouts, Indiana is going to explain exactly how and when you can switch Medigap policies.

You can switch to any Medigap policy without restrictions if you are still in your Open Enrollment Period.

The best and easiest time to enroll in or switch a Medigap policy is during your Medigap Open Enrollment Period. This is a six-month window that starts the first month you are both 65 or older and enrolled in Medicare Part B.

During this period, insurance companies cannot turn you down for coverage, even if you have pre-existing health conditions. They also can’t charge you higher premiums just because of your medical history. This is your best chance to shop around and choose the best available plan for your needs.

Because this is a one-time opportunity, you must take advantage of it while you can. If you wait until later, switching policies will be much harder. If you want to learn more about when your Open Enrollment Period is or which plan is best for you, an experienced Medicare Supplement broker in Kouts, Indiana can help you go over your options.

Changing your Medigap plan after Open Enrollment can be harder and may require a health review.

Do you want to switch Medigap policies after your Open Enrollment Period ends? Well, most insurance companies will now require medical underwriting before they approve a new policy. In other words, they will review your health history to decide whether they want to give you coverage. Depending on your health, you could be denied coverage for a new Medigap plan, be charged a higher premium, or be subject to a waiting period for pre-existing conditions.

That said, there are some special situations where you can switch without medical underwriting. These are called guaranteed issue rights and apply when you move out of your plan’s service area or lose other health coverage through no fault of your own. This protection also applies if your insurance company goes bankrupt or misleads you.

If any of these situations apply to you, you have 63 days from the date your coverage ends to apply for a new Medigap plan. If you are confused about whether you qualify for a guaranteed issue right, an experienced Medicare Supplement broker in Kouts, Indiana can help you figure out your next steps.

Illinois’ “Birthday Rule”

Some states have special rules that make switching Medigap policies easier. For example, in Illinois, there is the Birthday Rule that gives you a 45-day window starting on your birthday each year, where you can switch to another Medigap policy without medical underwriting. So, if you live in Illinois and you want to change your Medigap plan to one with equal or lesser benefits, the insurance company cannot deny you coverage or charge you more because of your pre-existing health conditions.

While you have 45 days to switch your plan, you should still start the process early. Don’t wait until the last minute because submitting applications takes time. If you don’t get everything processed before the deadline, you could miss your chance to switch.

If you want to change Medigap plans, make sure you don’t have coverage gaps.

If you have decided that you want to switch Medigap policies, you need to follow a step-by-step process to avoid coverage gaps or unexpected costs.

First, you should carefully review your current policy. Take a close look at what you like and don’t like about your current plan. Are your monthly payments too high? Does it cover all the services you need? Knowing what is missing in your current plan will help you decide what you need in a new one.

Next, you are going to want to research the available options. Different insurance companies charge different prices for the same Medigap plans, so shopping around can save you money. A professional Medicare Supplement broker in Kouts, Indiana can help you compare prices and coverage options to find the best deal.

Once you find a new policy, apply for coverage before canceling your current plan. If your new application is denied or does not meet your expectations, you don’t want to be left without any supplemental insurance. You can cancel your old plan if your new policy is active and you are happy with it.

Looking for a Medicare Supplement Broker in Kouts, Indiana?

Are you ready to meet with an experienced Medicare Supplement broker in Kouts, Indiana who can help you review your Medigap options and settle on the best one? If so, Senior Care Insurance Services is the place to go. Contact us today to schedule an in-person meeting with our staff.