Can My Medicare Supplement Coverage Be Terminated?
There are Federal regulations that keep Medicare supplement coverage providers from simply terminating policies without cause or even for medical reasons. The Federal government oversees Medical supplement coverage and has regulations designed to protect the consumer from being terminated. Regardless of you medical history or current medical conditions your coverage cannot be terminated without cause.
Are There Exceptions? Can My Medicare Supplement Coverage Be Terminated For Other Reasons?
If you fail to pay your premiums within the payment grace period, your Medicare supplement coverage can be terminated. If you misrepresented yourself on your application or put false information on the application your Medicare supplement coverage can be terminated. If your insurance company files for bankruptcy and goes out of business your coverage may be terminated.
I Want To Terminate My Policy. Can My Medicare Supplement Coverage Be Terminated?
Yes, an individual can terminate their Medicare supplement coverage at any time. Although, depending on where you live you may not be able to buy another Medicare supplement plan. If you are terminating your coverage in hopes of enrolling in a better plan, it is recommended that you hold on to your old policy until your new policy is approved. In many cases, unless you are in your 60 day enrollment period, your application may be denied. If you have already terminated you first policy you may find yourself without coverage.
Will I Get A Refund If I Terminate My Coverage?
If you terminate your Medicare supplement coverage within the first 30 days, you will receive a full refund. This 30 day period is considered the "free look" period. Medicare supplement plans must provide this "free look" period by law. During this time period you get the chance to figure out if the policy meets your needs.