CHANGING MEDIGAP PLANS
It’s not always easy, but it’s certainly possible
If you enrolled in a Medigap policy during your initial six-month window, your plan is guaranteed renewable every year. And since Medigap policies provide standardized coverage regulated by the government, you don’t need to worry about surprise changes to your plan each year. However, if your healthcare needs or income change, you may want to switch plans at some point.
If you’re interested in changing Medigap plans, keep in mind:
- Unlike with Medicare Advantage plans, you aren’t guaranteed the right to enroll in a Medigap policy outside your initial six-month enrollment window. You can still be denied a new policy, even if you’re already enrolled in a Medigap plan.
- When you switch Medigap plans, your new insurer has the right to make you wait up to six months before providing you any benefits that weren’t covered by your old policy.
- Just because the government discontinues your Medigap plan doesn’t mean you need to find a new one. Generally, your plan is still guaranteed renewable without any changes to your coverage, even if it isn’t available to new enrollees.
- You can attempt to switch Medigap plans at any time—you don’t need to wait for open enrollment.
- When you switch Medigap plans, you can take advantage of a 30-day “free look” period. For the first month, you’ll pay premiums for both your old and new Medigap policies. If you find the new plan isn’t for you, you’ll be able to cancel it and go back to your old plan.
For the most part, you’ll have an easier time downgrading Medigap plans—going from a plan with more benefits to one with fewer—than the other way around. It’s also worth checking your local regulations around Medigap. Some states enforce stricter protections for people trying to switch Medigap plans.