Can I Change Medicare Supplement Plans Anytime?

Keep reading to get the details or call us at 844-528-8688 to get answers to your questions.

Can I Change Medicare Supplement Plans anytime? The short answer is yes, but there are some details that you need to know. You’re technically allowed to change a Medicare supplement plan anytime you want, but you can be turned down if you do not pass underwriting. 

Easy Article Navigation:

• Open Enrollment is a One-Time Event when You Turn 65
• Reasons to Consider Changing Your Medicare Supplement Plan
• When can I change My Medicare Supplement Plan?
• How Many Medicare Supplement Plans are There?
• Is it Possible to avoid Medical Underwriting
• Can I switch from a Medicare Supplement to a Medicare Advantage Plan?
• Frequently Asked Questions

Many seniors who have purchased a Medicare Supplement, especially those new to Medicare, may find out that the plan they selected doesn’t meet their needs.

Certainly, this isn’t unusual because most Medicare Supplement buyers consider their healthcare needs at the time of purchase which will generally change over time.So then, the question: “Can I change Medicare Supplement, Medigap plans anytime” is a frequent and fair question to be asking but unfortunately, the proper answer is “maybe.”

Remember, Open Enrollment is a One-Time Event when You Turn 65

A Medicare Supplement plan (Medigap) is private health insurance (similar to life insurance) that requires medical underwriting except during your open enrollment period.

This means that during your one-time open enrollment, a licensed health insurance agency or company does not consider your medical situation and cannot raise your rates or decline to offer a policy.

However, after your medicare supplement open enrollment expires, your “guaranteed issue” rights are no longer in force, so if you decide to change Medicare Supplement plans, the insurance company will consider your health status.

This means that you may be unable to change plans if you cannot pass the medical underwriting requirements of the company you want to change to, even if you stay with the same company and change to a different plan. Knowing this, unless you are healthy with no severe or chronic medical conditions, changing your plan outside of medicare supplement open enrollment could be costly

Reasons to Consider Changing Your Medicare Supplement Plan

As was mentioned earlier, when Medicare beneficiaries purchase a Medicare Supplement plan, the decision on which plan to purchase is based on the healthcare services you generally need at that time and your budget for purchasing coverage.

Since none of us live in a vacuum, things are going to change and generally, healthcare needs and the monthly budget are two of those things.

Most people consider changing their Medicare Supplement plan for one or more of the following reasons:

• You suspect you are paying for benefits that you don’t need
• The benefits you have now are not sufficient to meet your needs
• You’ve lost confidence in your insurance company
• You’ve received a much higher renewal offer
• You need to reduce your premium to fit your budget

How Can I Change My Medicare Supplement plan Anytime?

You must be willing to go through medical underwriting and you are confident that you’ll satisfy the company’s guidelines (if you’re outside of your open enrollment period).  The underwriting procedure is nothing difficult.  You will answer some health questions and list your medications.

Nobody will come to your home and draw fluids like term life insurance underwriting.  They will simply look at your records with the MIB and your prescription history.

Each year, you’ll receive a renewal offer from your insurer about a month before the anniversary date of your Medicare Supplement plan. If the company plans to increase your rates, this letter will explain how much your increase will be.

When you receive this letter and are considering changing plans, call the Medicare Solutions Team at 844-528-8688 or send us an email and we’ll spring into action to find the plan that will best meet your circumstances and budget.

Contacting us early will give our team time to walk you through the medical underwriting process and help you decide if it’s time to change your plan or your company, or both.

If you decide to go ahead and renew your coverage, that’s okay too, because you can change your plan or company whenever it best suits your needs.

How Many Medicare Supplement Plans are There?

When it comes to Medicare Supplements, you have many plans to choose from and fortunately, the coverages do not change very often. Depending on when you first became eligible for Original Medicare, you will have a choice of at least eight different plans.

Moreover, if you become eligible for Original Medicare before January 1, 2020, you will have a choice of ten different plans.

*Plans F & C are only available to Medicare beneficiaries who became eligible for Medicare prior to January 1, 2020.

₁ Plan F & G offers high-deductible plans that have an annual deductible of $2,370 in 2021. Once you meet the deductible, your plan will pay 100% of covered healthcare services for the remainder of the year.

₂ The Plan K has a yearly limit of $6,220 for out-of-pocket expenses. When the limit is met Plan K will pay 100% of your covered healthcare services for the remainder of the year.

₃ Plan L has a yearly limit of $3,110 for out-of-pocket expenses.

₄ Plan N will pay 100% of the Medicare Part B coinsurance, except for a copay of up to $20 for office visits and up to $50 for ER visits that do not result in admission.

These plans are standardized which means every Medigap insurance company must offer the same plan. For example, plan G is the same with every insurance company, but each Medigap insurance company sets its own rates. the insurance companies must offer the same plan. For example, plan G is the same with every insurance company, but each company sets its own rates.

Is it Possible to avoid Medical Underwriting outside of the Madigap Open Enrollment Period?

The short answer is YES but you must be eligible under one of the following qualifiers:

• Your state has a special enrollment time such as the birthday rule or the anniversary rule.
• Your insurance company went bankrupt or canceled your policy through no fault of your own.
• Your insurance committed fraud and you are canceling the policy.
• Your company misleads you and you decided to leave.
• You purchased a Medicare Advantage plan for the first time but decided to cancel the Medicare Advantage policy and return to Original Medicare with a Medicare Supplement plan.
• You’ve purchased a Medicare Select plan but then moved out of the service and network area. You can switch to a standardized Medicare Supplement plan with the same or fewer basic benefits that you had in your SELECT plan.
• You enrolled in a Medicare Supplement plan for less than six months. The insurance company may offer to sell you a new policy with the same basic benefits but with a waiting period of up to six months before the new plan will cover any pre-existing conditions.

If you are looking for advice on how to change Medicare plans, contact the Medicare Solutions Team so you don’t chance being uprated or declined.

Should I change my Medigap policy?

If you are enrolled in a Medicare Supplement Insurance (Medigap) policy, you may be wondering if you should switch to a different policy. Here are some things to consider:

Make sure you understand what your current policy covers.

Medigap policies vary in what they cover. Some policies may only cover certain services, while other policies may cover most of your costs. Be sure to understand what your current policy covers so you can compare it to other policies.

Compare the costs of different policies

The cost of Medigap policies can vary significantly. Be sure to compare the costs of different policies to find the one that fits your budget.

Compare the benefits of different policies

Not all Medigap policies offer the same benefits. Be sure to compare the benefits of different policies to find the one that best meets your needs.

Check with your current insurance company

If you are happy with your current insurance company, be sure to check with them to see if they offer a different Medigap policy.

Talk to licensed insurance agents

If you are unsure which Medigap policy is right for you, talk to a licensed insurance agent. They can help you compare the different policies and find the one that is right for you.

When Can I Change My Medicare Supplement Plan?

There are a variety of plans available, and in most cases, you can switch Medigap plans whenever you want, as long as you are enrolled in Original Medicare.

However, there are a few exceptions. For example, if you have a Medigap plan that offers prescription drug coverage, you may not be able to switch to a plan that does not offer prescription drug coverage.

If you are considering switching Medigap plans, it is important to compare the costs and benefits of the different plans available to you. You can use the Medicare Plan Finder on the Medicare website to compare plans in your area.

When Can I switch from a Medicare Supplement to a Medicare Advantage Plan?

Yes, you can switch from your Medigap plan to a Medicare Advantage plan between October 15 and December 7, which is the annual enrollment period.

Although a Medicare Advantage plan will generally provide prescription drug coverage, and a little dental, hearing, and vision coverage, it may not be the best fit for your circumstances and budget.

If you want to change from Medicare Advantage to a Medigap (Medicare Supplement) plan you might not be able to switch back to your Medicare supplement plan once you have changed to a Medicare Advantage plan, so make certain you know how to change medicare supplement plans.

In any case, speak with our Medicare Solutions Team to get the advice you need and a verified list of the pros and cons of making a change from Medigap to Medicare Advantage.

Frequently asked Questions

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