Changing your Medicare Supplemental Insurance Plan is a relatively simple process. However, it does require some research to determine which company will provide the best policy to suit your needs.
The State Health Insurance Assistance Office provides a list of the companies that sell supplemental insurance plans for Medicare. Peruse these companies and compare their policies. Select the policy that best suits your health care needs and that is within your budget.
Cost is not the necessarily the most important factor in determining the best supplemental insurance plan for your needs. The state’s insurance commissioner maintains a record of the complaints filed against supplemental insurance providers. Use this information to select a company that is reputable.
When you fill out and submit a new Medigap application, be sure to indicate that you intend to cancel your current Medigap policy. During the transition period from the old Medigap policy to the new policy, you will be required to pay for both policies. At the end of the 30-day transition period your current Medigap policy will terminate and your new policy will take effect. Note that you should not cancel your current coverage until your new policy provider has contacted you in writing.
When can I change Medicare supplemental insurance plans?
Most people will purchase a supplemental insurance plan at the time of initial enrollment in Medicare. However, there is no annual time frame to make changes on supplemental insurance plans. That is, Medicare beneficiaries can make changes to their supplemental insurance plans at any time throughout the year.