There may come a time in your life where you don’t think that the Medigap policy you currently have is doing you a lot of favor and would like to switch to a different one. That is completely fine and you should know that it is something that happens to a lot of people in the United States. However, whereas this is a common thing that many people are faced with, you should know that making it happen can be quite a nightmare. Federal law doesn’t provide people with the right to switch policies and still be guaranteed of health insurance. The only time you can safely switch policies is when you are within your six-month Medigap open enrollment period. Besides that, you will have to be eligible for guaranteed issue rights under specific rights.
There are some states that make it more favorable to people when they are switching policies while others aren’t. Also, there are insurance companies that are more open to the idea of their members switching insurance companies while others make the switch much harder under normal circumstances. Before you make the switch though, it is very important that you compare the terms and premiums that accompany the policy that you are switching to. There are so many policies that can be considered as best Medicare supplement plans 2022 to consider.
Know more before you switch
Before you switch, I have said that you need to do a lot of research. For instance, if you happen to have bought your policy before the year 2010, there are certain costs that the policy covers that are not covered in newer policies. Similarly, policies bought before 1992 don’t guarantee renewability and may come with higher premium increases than what newer, standardized Medigap policies have to offer. When you are switching, it is better that don’t cancel your current policy straight away. Instead, keep your current policy and do some research and then proceed to cancel after you are completely sure that you want to keep your second policy.
When you are applying for a second Medigap policy, the insurance company will usually have you make a promise to cancel your current policy. You will have a period of thirty days to make the decision as to whether you want to keep your current policy or you want to make the switch permanently. The thirty-day period is usually referred to as the “free look period.” During the free look period, your insurance company will require you to pay premiums for both policies for the duration of one month when you are still making your decision.
Do I need to wait before making the switch after I buy Medigap Policy?
The answer is no. you don’t need to wait for any duration after you buy your Medigap policy before you can try to switch to a new policy. However, if you have had the policy for a period of less than six months, you might be forced to wait for a period of six months before you are covered for pre-existing conditions in your new policy. Different companies tend to impose different conditions on how people can switch policies and you are better off reading about them before you actually make the switch.