How Do I Change a Medicare Supplemental Insurance Plan?
It is relatively easy to change your Medicare Supplemental Insurance Plan, but a little research is in order. Prior to changing you plan, be sure to look around and determine which company has the policy that best suits your needs. It's difficult to find an exact match, so you may have to make some compromises when choosing a new Medicare Supplemental Insurance Plan. Once you decide to change your plan, all you have to do is fill out the paperwork and turn it in.
Where Should I Start Looking For A New Plan?
Luckily, all of the plans can be found in one place. Your State Health Insurance Office should be able to provide you with a list containing all of the companies that offer a Medicare Supplemental Insurance Plan. From there, all you have to do is look into the companies and plans that interest you, and research each of them individually. Be sure to look for an affordable plan that is a good fit for your individual needs. There are a lot of different plans at a variety of price points so finding one that's a good fit shouldn't be too difficult.
When Can I Change My Plan?
Your plan can be changed at any time. Unlike many medical plans, your Medicare Supplemental Insurance plan can be changed at any time of the year. Once you make the decision to change your plan, it is up to you when you make the changes. You can make them right away, or wait until a time that convenient to you.
Is There A Transition Period?
Yes, there is a 30-day transition period. Make sure you indicate on your new Medigap application that you plan on cancelling your current policy. During the transition period, you will have to pay the premiums on both policies so there will be no gap. At the end of the 30-day period, your new Medicare Supplemental Insurance Plan will begin and your old plan will end.