Upon reviewing your Medicare supplement insurance and discovering that it does not cover enough of your medical needs, you may desire to change plans. There are a few things you must know before you decide to change a carrier. First, there are no guaranteed rights issued by the federal government that allows you to randomly change your Medicare supplement insurance and retain your coverage and pricing that you currently have. If, after 6 months of coverage you decide to switch policies, you do not have guaranteed issue rights and are subject to underwriting laws. This means that pre-existing conditions may disqualify you, raise your rates or be denied coverage for a specific length of time. However, the state in which you live may have more open policies to changing your insurance and you should consult your states website for details.
There are a few reasons you may wish to change. Upgrading or downgrading is one reason or lessening your premiums is the other. All Medicare supplement insurance must be the same from each company, only the premiums can be different. So, if you have part N, changing to a different company and keeping part N will not change your coverage, it will only change your premium. You must remember that in many cases when you change companies you could be denied benefits and any problems you currently have could be disqualified for a specific period of time.
If your insurance carrier is no longer in business you fall under the special clause that reinstates your guaranteed issue rights. This means that, just like when you first became eligible for Medicare supplemental insurance with guaranteed acceptance, you are guaranteed to get Medigap coverage without any restraints.