Can I Switch To A Different Medigap Policy?





Federal law allows you to switch to a different Medigap policy during your 30 day free look period. This means you can try out a Medigap policy for 30 days to see if you if you like it. It is important you don’t cancel your current Medigap policy until you are sure you want to keep the new one. This way, you don’t go without coverage. Remember Medigap policies are guaranteed renewable as long as you pay the premiums.

Am I Required To Switch My Medigap Policy If I Have An Older Medigap Plan?

The new Medicare Policy plans took effect June 1, 2010. There are no rules requiring you to switch to a different Medigap policy. If you are happy with your old plan, you may keep it. The only requirement is you must keep your premiums paid and up to date. Some of the new plans have lower premiums. If you need to reduce your premiums, you may want to switch to a different Medigap policy.

Pre-Existing Conditions May Be An Issue If You Switch To A Different Medigap Policy!

If you had your first Medigap policy for less than six months, your new Medigap company may require you to wait up to 6 months for pre-existing conditions if you switch to a different Medigap policy. The 6-month waiting period may be reduced by the number of months you had your previous Medigap policy. If your current Medigap policy has been in effect for over 6 months, then any pre-existing conditions is not an issue and there is no waiting period to be cover for those conditions. Ask questions before you make a switch to a different Medigap policy.

Can I Save Money If I Switch To a Different Medigap Policy?

Yes, you may be able to reduce your monthly premiums when you make the switch to a different Medigap policy. Several of the new plans have cost sharing features which in return reduces your monthly payments.



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