Medigap, also known as Medicare Supplement Insurance, is a plan you can purchase through a private insurer to cover costs that Medicare Part A and B might not. There are ten different Medigap plans, each one offering separate benefits. With so many options, it’s important to do your research to make sure you’re purchasing the Medigap plan that’s right for you.
But what if you decide you want to change your Medigap plan? There are several reasons you might want to do this. Your current Medigap plan may have premiums that are too high for your current budget, or you might be moving out of the service area your Medigap plan covers. Maybe you’ve decided to drop Medigap altogether in order to switch to Medicare Advantage. Whatever the reason, it is possible to switch your plan.
Best Time to Enroll in Medigap
That being said, the best possible time to enroll in a Medigap plan is during your Medigap Open Enrollment Period. During that period you are not subject to underwriting, meaning you cannot be denied coverage for pre-existing conditions. You must first be enrolled in Medicare Part B in order to purchase a Medigap plan.
Medigap also gives you a 30-day window to try your plan, and switch it if you decide it’s not for you.
I Missed My Enrollment Period. Now What?
If you miss this opportunity, however, you can purchase a Medigap plan if you qualify for a guaranteed issue right. Guaranteed issue rights are extenuating circumstances that will allow you to purchase a Medigap plan without underwriting.
An example of a guaranteed issue right would be if you were already insured through an employer or group insurance during your IEP, and no longer have that insurance. You have 63 days following the loss of your alternate insurance to purchase a Medigap plan.
Another example would be if you enrolled in Medicare Advantage during your IEP. You have 12 months after your enrollment in Medicare Advantage to disenroll and switch to a Medigap plan.
Can I Change My Medigap Plan Outside These Periods?
Outside of these periods, it is possible to change your Medigap plan, but insurers are allowed to ask you questions and subject you to underwriting. If you have preexisting conditions, an insurer may deny you coverage, meaning the Medigap plans available to you may become limited.
In order to not end up with a Medigap plan that isn’t right for you, be sure to do your research ahead of time. Utilize the Medigap free look period, and be aware of whether or not you qualify for a guaranteed issue right, so that you don’t get stuck paying for a plan that doesn’t fit your health care needs.
Have Medigap Questions? We’re Here to Help!
KBI Solutions is here to make sure you get the coverage you need. If you want to learn more about your Medigap options and when you should buy a plan, give us a call today! We’ll walk you through all of your options and make getting coverage as easy as possible.