5 Questions To Ask Before Switching Medigap Policies

If you have Medicare Supplement Insurance (also known as a Medigap plan), you might consider changing your policy at some point. Medigap recipients within their 6-month Open Enrollment Period, or those who are eligible under a guaranteed issue right or other specific scenario, may be eligible to make that swap. You can change your Medigap plan at any time, but if one of those scenarios does not apply, you may have to undergo underwriting, which could impact your options and premium amounts.

Before changing your Medigap plan, though, it’s important to understand the process. MedicareSupplement.com makes that step easier by helping Medigap recipients find the best option for their individualized needs. With call centers based in the United States, along with over 10 nationwide locations, MedicareSupplement.com has 1,500 licensed insurance agents ready to answer your questions on Medigap plans and coverage, helping you to make a confident and informed decision that’s right for you.

The Medicare Annual Enrollment Period (AEP) happens every year from October 15 to December 7th and allows beneficiaries to make certain changes to their Medicare coverage. If you’re at least 65 and enrolled in Medicare Part B, you can apply for a Medigap plan at any time — including during AEP! If you'd like to switch into a Medicare Supplement plan from Medicare Advantage, you must do so during AEP.*

If you’re considering switching Medigap policies, here are five key questions to ask.

1. Why Would I Change My Medigap Policy?

You might consider switching your Medicare Supplement Insurance coverage if any of the following situations apply to you:

• You’re seeking a better price. Every September, Medicare beneficiaries receive an Annual Notice of Change (ANOC) letter from their insurance companies, highlighting any rate adjustments. If you notice your rates on the rise, it might be time to explore alternative policies. You can explore options within your current insurance provider — or even different companies — to find a more budget-friendly plan.
• You want more (or less) coverage. If your current coverage is no longer meeting your healthcare needs, switching to a different plan can provide you with additional necessary benefits. Alternatively, if you've been paying for benefits you rarely need or use, switching to a more basic plan with a lower premium might be a sensible move.
• You’re not happy with your provider. If you are unhappy with your current insurance company for any reason, you have the option to switch to a plan offered by a different insurance provider.

Does one of these situations sound like you? Visit MedicareSupplement.com or call 855-508-0919 to review your options and get a free quote based on your zip code. You can also talk through your options with one of MedicareSupplement.com’s licensed insurance agents, who can also help facilitate the application process once you’ve found a plan that meets your needs.

2. When Can I Change My Medigap Plan?

The ideal time to purchase or change any Medigap plan is during your initial six-month Medigap Open Enrollment Period. This one-time period begins the day you turn 65 and are enrolled in Medicare Part B. During this timeframe, you won't be subjected to medical underwriting, meaning insurance cannot reject your application or charge higher premiums based on pre-existing health conditions.

This time period is distinct from the fall Medicare Annual Enrollment period (October 15 to December 7 annually), in which you can enroll in, change or drop any Medicare Part C or D plans. You can apply for a Medigap plan at any time, including during the Annual Enrollment Period.

If you’ve missed your one-time Medigap Open Enrollment Period, you can still apply to change your Medicare Supplement plan at any time. However, if you don’t have a guaranteed issue right, you will typically need to go through medical underwriting to qualify in most states.

There are 12 states that offer guaranteed issue protections for Medigap plans on an annual basis: California, Connecticut, Idaho, Illinois, Maine, Massachusetts, Missouri, Nevada, New York, Oregon, Rhode Island and Washington. If you live in one of these states, you can apply to change your Medigap plan without going through the underwriting process. Medigap beneficiaries outside those states will typically need to complete the underwriting process unless they have a guaranteed issue right.

Want to learn more about the best time to sign up for a Medicare Supplement plan? Licensed insurance agent Christian Worstell helps simplify it in this video.

3. What Is A Guaranteed Issue Right?

A Medigap guaranteed issue right means you can purchase or change a Medicare Supplement insurance policy from any provider, regardless of any pre-existing health conditions. Insurance providers cannot increase your premiums due to past or current health problems.

You may have a guaranteed issue right if any of the following situations apply to you:

• Your Medicare Advantage plan discontinued service.
• Your Medigap insurance company went bankrupt or discontinued your policy.
• You moved out of your Medicare Advantage or Medicare SELECT policy’s service area.
• You have Medicare Parts A and B (Original Medicare) and need to replace an employer health plan that is ending soon.
• You switched from Medicare Advantage to Original Medicare, or you returned to Medigap from a Medicare Advantage plan, within one year.
• Your Medicare Advantage or Medigap provider misrepresented their services or violated regulations.

If you secure a Medicare Supplement Insurance policy through a guaranteed issue right, your choices will typically be limited to certain standardized plans, such as A, B, C, F, K or L, though specific options will vary by your geographic location.

When you qualify for a guaranteed issue right, you should apply for a new policy within 63 days of your current coverage's expiration. Keep all correspondence from your Medigap or Medicare Advantage provider, as it may be required to prove your eligibility for this right. A licensed insurance agent from MedicareSupplement.com can assist you in the application process to ensure seamless coverage.

4. How Much Will My New Medigap Plan Cost And What Will It Cover?

There are several available Medigap plans, each named with a different letter, with different coverage and pricing. You can compare 2023 Medigap plans on MedicareSupplement.com, or call 855-508-0919 9 to speak with a licensed insurance agent.

Although Medigap plan benefits are standardized for each option — for example, one company’s Plan C will offer the same exact benefits as another company’s Plan C — pricing will vary by provider. Many people choose to switch from Plan G to Plan N as the latter tends to be more affordable but offers similar coverage.

If you're switching plans outside your six-month Medigap Open Enrollment Period, most states will require you to go through medical underwriting. Based on your health history, an insurance carrier may charge you a higher premium after underwriting.

In 2022, the average Medigap plan premium was $129.50 monthly.¹ However, this number will vary based on the benefits you choose, your geographic location, your age and your health status.

5. How Do I Switch To A Different Medigap Plan?

For many Medicare beneficiaries, Medicare Annual Enrollment Period (AEP) AEP is the only time to make changes to your Medicare health plan and/or Medicare prescription drug coverage for the upcoming year - and it is happening right now. If you're interested in enrolling or switching to a new Medicare Advantage plan, now until December 7th is the time to do it.*

To begin the process of changing your Medigap plan, talk to a licensed insurance agent who can walk you through available options in your area. If you already know which plan aligns best with your needs, the agent can help you navigate the application process.

Once you’ve selected a new plan and have been accepted, you may have a 30-day Medigap “free look” period. During this time, you can evaluate your new plan and determine whether you want to formalize the switch. While in your free look period, avoid canceling your original plan until you’re certain you want to keep the new one.

If you decide to formalize the switch, you will need to contact your original Medigap plan company to cancel your old plan in writing; your insurance company cannot do this for you. A licensed agent from MedicareSupplement.com can help you with this to ensure a smooth transition.

Want to explore your Medigap plan options? Visit MedicareSupplement.com or call 855-508-0919 to request a free quote or connect with a licensed insurance agent.

*If you are enrolled in a Medicare Advantage or MA-PD plan and want to enroll in a Medicare Supplement insurance plan, you must switch from your current plan into Original Medicare, which you can do during the Medicare Annual Enrollment Period.

¹TZ Insurance Solutions LLC internal sales data, 2022. This data is based on the Medicare Supplement Insurance policies TZ Insurance Solutions LLC has sold. It is not a comprehensive national average of all available Medicare Supplement Insurance plan premiums.

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