There might be several reasons for a change in the current policy. It may be related to the amount of cost incurred on a particular policy and a person might look for a less expensive policy. It may be related to uncovered benefits or extra benefits being covered under the current plan. It may also be that the plan is too old and might need renewal or change. Be it any reason, there are a number of things that an individual should keep in mind while switching the Medicare supplement plans.
Important things to know about switching to a 2019 Medicare supplement plans and policy can help absorb the extra medical bill costs:
- Medigap policies cannot be switched normally under Federal law unless the open enrollment period is still in going on or the person is eligible for the guaranteed issue right, also known as the “Medigap protections”.
- In case the open enrollment period is over while you are seeking change in Medigap policy than the insurance company might ask questions related to medical history which otherwise is not done and may also lead to a higher premium for the same Medicare supplement plans that would have been opted for in the enrollment period.
- There is no minimum amount of time necessary to wait for the change in any Medigap policy for the first time after its purchase.
- After switching the policies, it might happen that there is a six-month time gap before the costs for pre-existing conditions are included within the bracket of the current policy plan.
- Medicare supplement plan and Medicare Advantage plan are mutually exclusive. It is illegal for insurance companies to sell both of the plans to the same person.
How to switch?
If the criteria of the six month enrollment period or guaranteed issue rights are met than anyone can go for a switch in the Medicare supplement plans. Once decided, you should call the new insurance provider if decided to go with another insurer, and ask about that policy and apply for it. Once the application is accepted, you can call the old insurance provider to end your coverage.
What happens after switching policies?
After the successful switch between the Medicare supplement plans, there is a 30 day period which allows the insured to decide if they still want to keep the plan. This period is known as the free-look period which begins as soon as you get the new Medigap policy. It is advisable to keep the old plan till you are satisfied with the current policy.