Updating Medicare coverage is more difficult than switching healthcare plans once you join the Medicare realm. There are no yearly open enrollment periods for switching, excluding some areas, with many limitations.
If you’re thinking about changing your medical supplement plan, you might be wondering when the best time is. Continue reading for more on this and other helpful information.
Common Reasons for Changing Plans
There are times when you might change your plans. The following are some of the most prevalent reasons people opt to switch Medicare supplement plans.
- Discovering a Medicare Supplement insurance plan with a cheaper cost or the same plan with a lower premium provided by a different insurer.
- They want better benefits than what their Medicare Supplement plan provides.
- Not needing some of the benefits provided by their current Medicare Supplement insurance policy.
- Intends to purchase from another insurance provider.
When to Change Plans?
The ideal time to update your Medigap policy without fear of being denied is during your Open Enrollment Period. This period is a six-month term open when you are 65 or older and have recently registered in Medicare Part B.
During this period, you might change to a different contract. Insurance companies cannot refuse your application, excluding initial conditions, or impose waiting intervals, cancellation periods, or probation periods in your new coverage.
You can also modify your policies if you have guaranteed-issue rights following your OEP. There are numerous scenarios in which you may have guaranteed-issue rights. Here are a few examples:
- You registered for a Medicare Advantage plan for the first time and then opted to leave it in favor of a Medicare Supplement insurance policy.
- You have a Medicare SELECT plan and are leaving the servicing range of the policy.
- You’ve only had your current Medicare Supplement insurance coverage for around 6 months.
Conclusion
These are only a few instances of the circumstances for changing your Medicare plan. Contact our insurance carrier if you wish to switch Medicare Supplement insurance coverage.
At Lapeira & Associates LLC, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (855) 963-6900 or Click Here to request a free quote. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!
