Most retirees know there is an open enrollment period when they first become eligible for Medicare. Over time, your needs may change, and you might want different coverage. If you are wondering when you can change your Medicare supplement insurance plan or how to choose one, the answer depends on a few factors, including the type of coverage you have now.
Reasons for Changing Your Supplement Insurance
You may consider changing your Medicare supplement insurance, also called Medigap, for several reasons:
- Paying for more than you need: If you are not using certain benefits, switching to a lower-cost policy may make sense.
- Coverage falls short: If your current plan does not cover certain care the way you would like, you may want to upgrade.
- Switching insurance companies: If you are not satisfied with customer service, provider options, or other features, a different insurer may offer a better experience.
- Lower premiums: You may find a plan with more competitive pricing
If You Already Have Medicare Supplement Insurance
If you already have a Medigap policy, you can apply for a different one at any time. You do not have to wait for open enrollment, and there is no required waiting period to apply. However, approval is not guaranteed.
When applying for a new policy, you may need to answer health questions. Based on your responses, an insurer could decline your application or charge higher premiums.
Getting The Same Level Of Coverage
If you switch to a policy with the same benefits as your current one, rules around preexisting conditions may work in your favor:
- If you have had your current policy for at least six months, the new insurer cannot apply a waiting period for preexisting conditions.1
- If your policy is less than six months old, you may still have a waiting period. However, the insurer must credit the time you were already covered.
Example: If you have had a Medigap policy for four months and switch to a new policy with the same benefits, the new insurer may apply a six-month waiting period for a preexisting condition. They must subtract the four months you were already covered, leaving a two-month waiting period.
Getting More Coverage
If you choose a plan with more benefits than your current policy, you may have to wait before certain new benefits take effect.
If You Don't Already Have Medicare Supplement Insurance
If you don't currently have a Medigap policy, you can still apply. In most cases, you will need to answer medical questions and go through underwriting.
If you have certain health conditions, an insurer may decline coverage or charge higher premiums.
When Can I Change My Medicare Supplement Insurance Plan?
You can apply to change your plan at any time. However, approval is not guaranteed, and your premiums may change.
Your state may also offer additional protections or rights. It may help to speak with a financial representative as you review your options.
Guaranteed Issue Rights
In some situations, you can switch plans without worrying about medical underwriting, waiting periods, or higher premiums. These are called guaranteed issue rights.
If you qualify, insurers must accept your application. This may apply if your current coverage changes or if there are issues with your insurer.
The Bottom Line
If your current coverage no longer meets your needs, switching may be an option. A new policy could offer lower premiums, improved coverage, or different benefits.2
If you are deciding how to choose Medicare supplement insurance, it may help to work with a financial representative. By reviewing your preferences, health needs, and budget, you can find a policy that fits your situation.
Sources
- Can I change my Medigap policy? https://www.medicare.gov/health-drug-plans/medigap/ready-to-buy/change-policies.
- Get ready to buy - Your Medigap Open Enrollment Period. https://www.medicare.gov/health-drug-plans/medigap/ready-to-buy#guaranteed-issue-rights.
