Switching Medigap (Medicare Supplement) Policies and Plans

Why would I want to switch to a different Medigap policy?

Some reasons for switching may include the following:

• You're paying for benefits you don't need.
• You need more benefits than you needed before.
• Your current Medigap policy has the right benefits, but you want to change your insurance company.
• Your current Medigap policy has the right benefits, but you want to find a policy that is less expensive.

In most cases it can be hard to change Medigap policies, unless you are within your six month Medigap open enrollment period or are eligible under a specific circumstance for guaranteed issue rights. If your state has more generous requirements or the insurance company is willing to sell you a Medigap policy, make sure you compare benefits and premiums before switching.

If you bought your Medigap policy before 1992, it may offer coverage that isn't available in a new Medigap policy. On the other hand, older Medigap policies might not be guaranteed renewable and might have bigger premium increases than standardized Medigap policies currently being sold.

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How to Switch Medigap Policies

If you decide to switch, don't cancel your first Medigap policy until you have decided to keep the second Medigap policy. On the application for the new Medigap policy, you will have to promise that you will cancel your first Medigap policy.

Then, you have 30 days to decide if you want to keep the new Medigap policy. This is called your "free look" period. The 30-day free look period starts when you get your new Medigap policy. You will need to pay both premiums for one month.

Are There Time Periods for Medigap Coverage?

You do not have to wait a certain length of time after you purchase your first Medigap policy to switch to a new policy. Be aware that if you've had your old Medigap policy for less than six months, the Medigap insurance company may be able to make you wait up to six months for coverage of a pre-existing condition. However, if the old Medigap policy had the same benefits and you had it for six months or more; the new insurance company can't exclude your pre-existing condition. And if the health insurance company agrees to replace the Medigap policy they cannot issue waiting periods, elimination or probationary periods into the replacement policy.

Fortunately, you have several resources available to help you with your decision. In addition to federal and state health insurance agencies, knowledgeable health insurance agents licensed in your state can also provide guidance and answers.

You can use the GoMedicare quoting tools above to connect with licensed agents.