Do I Have To Wait To Switch My Medicare Supplemental Plan?
Switching from one Medicare Supplemental Plan to a new one, can be a very intimidating process. It raises many questions; most especially, "Do I have to wait to switch my plan?" This article answers that question for you.
The Six-Month Rule
In your quest to switch your Medicare Supplemental Plan, you will no doubt learn about the "six-month rule." This rule states that you are allowed switch policies during the first six months of your Medicare coverage. For eligible participants, this would prove to be the most simple and straight forward way to easily enroll in another Medicare Supplemental Plan without having to wait.
Guaranteed Issue Rights
For those people past their initial six months, their are exceptions such as the Guaranteed Issue Rights, which require insurance companies to sell or offer you a Medicare Supplemental Plan in certain situations. Generally, these rights go into effect when there is a move out of your plan's service area, changes to your policy or you are being misled by your existing supplemental insurance company. There is no waiting period during this time.
Situation-Specific Rules and Guidelines
Medicare.gov states that if you are able to find an insurance company who is willing to sell you a Medicare Supplemental Plan, you are free to switch immediately; no waiting required. It is suggested that you keep your original policy for the first 30 days of your new policy, because you are allowed to cancel your new policy within that period if it does not meet your standards.
State-Specific Rules and Guidelines
As with all things concerning Medicare, remember that each state has it's own unique requirements. Check your state's Medicare Supplemental Insurance laws to see if there is a state-specific rule that applies to your situation.