You can change your Medigap plan anytime you wish and as often as you desire, as long as you can pass the underwriting requirements (in most states). It is not unusual for my clients to save $500 per year or more by exchanging Medicare supplement plan F from (a well known carrier) to a different plan. We showed one couple how to save over $1700 per year by making a simple change.
Yes, you can change Medigap Plans anytime it benefits you and during anytime of the year. One of the great things about having a Medigap Plan is you don't have to wait for a certain special time of the year to make a change. You have total control over your Medigap Plan.
On the flip side of that, you can also keep your Medigap Plan the rest of your life. The benefits can never change. It is guaranteed renewable which means as long as you pay your premium they can never cancel your plan for any reason.
Medigap Plans and rates change all the time so it is a good idea to get a review of your plan every few years. We save people between $500-$1,800 per year by doing that review for them and finding the same Medigap Plan for less with another top "A" rated carrier. Regardless of what carrier you currently have eventually the premiums will rise. I would be happy to answer any other questions you have.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Yes. You can apply for a new Medigap plan at any point during the year. People often change their Medigap plans for a number of reasons, the most common being:
You want to reduce your expenses by securing a lower premium from a policy with the same benefits (purchasing a Plan F with company B and dropping the existing Plan F with company A). - this is the most common reason why people change their Medigap plans. Medigap plans are standardized so the coverage under a plan F is the same regardless of the company it's through. So often people want to look at lowering their premiums when their policy gets hit with a rate increase.
You may not need/want all of the benefits you're paying for
You need/want more benefits than you have under your existing plan
Please note, if you do not have a guaranteed-issue right to purchase a Medigap plan without any medical underwriting, you would have to answer the health questions on the application.
Medigap plans are guaranteed renewable. So in the event you could not medically qualify for coverage under a new Medigap plan, you always have the option of keeping what you have.
I hope the information is helpful - please feel free to contact me for assistance with your Medigap coverage and if you have any other questions. Thanks very much.
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On the flip side of that, you can also keep your Medigap Plan the rest of your life. The benefits can never change. It is guaranteed renewable which means as long as you pay your premium they can never cancel your plan for any reason.
Medigap Plans and rates change all the time so it is a good idea to get a review of your plan every few years. We save people between $500-$1,800 per year by doing that review for them and finding the same Medigap Plan for less with another top "A" rated carrier. Regardless of what carrier you currently have eventually the premiums will rise. I would be happy to answer any other questions you have.
You want to reduce your expenses by securing a lower premium from a policy with the same benefits (purchasing a Plan F with company B and dropping the existing Plan F with company A). - this is the most common reason why people change their Medigap plans. Medigap plans are standardized so the coverage under a plan F is the same regardless of the company it's through. So often people want to look at lowering their premiums when their policy gets hit with a rate increase.
You may not need/want all of the benefits you're paying for
You need/want more benefits than you have under your existing plan
Please note, if you do not have a guaranteed-issue right to purchase a Medigap plan without any medical underwriting, you would have to answer the health questions on the application.
Medigap plans are guaranteed renewable. So in the event you could not medically qualify for coverage under a new Medigap plan, you always have the option of keeping what you have.
I hope the information is helpful - please feel free to contact me for assistance with your Medigap coverage and if you have any other questions. Thanks very much.