When Should I Switch Medigap Policies?
What are the main reasons I might consider changing Medigap policies?
A few common reasons for switching policies are:
- Finances—You can never be certain how your financial situation will evolve over time. Perhaps the amount you budgeted for health care several years ago is more than you can afford now. Or maybe the opposite is true and you have a little more disposable income than you used to have.
- Finding a better value for your dollar—With rate fluctuations, it may well be that last year’s best value isn’t the best value any longer. MedicareMall shops the market constantly for the top deals, and we’ll be happy to help you determine what’s best for you at any particular time.
- Wanting better benefits—Maybe you’re getting tired of paying a high deductible and figure it’s time for a change. Maybe you’d like lower copayments or certain coverage you’re not getting now. In short, it’s possible that what served you well in previous years isn’t your best option anymore. Or maybe you’ve just learned more over the years about what benefits you really want.
- Your changing medical history—Your health care concerns are likely to change over the years. You may well have new priorities and considerations when it comes to Medigap coverage.
How easy is it to switch Medigap policies?
It’s very easy to switch. If you decide to change from one Medicare supplement insurance policy to another, the first thing you have to do is apply for your new policy. After your application is accepted and you are issued your new policy, you need to inform your old insurance company that you want your coverage to end. Your old insurance company will tell you how to submit your request to end coverage.
Before making a final decision to cancel your previous Medigap policy, you’ll have a 30-day free look period in which to try out your new Medigap plan. For this one-month period you’ll pay premiums for both plans. If you decide your new policy is right for you, you’ll have to cancel your first policy.
Of course, if you want a hassle-free transition from your old Medigap plan to a new one reflecting your current circumstances and priorities, you’ll want to call MedicareMall toll-free at (877) 413-1556. Each week MedicareMall specialists handle hundreds of such replacements, and in most cases the entire application process can take place over the phone in as little as 15 minutes.
For up-to-date information about unexpected rate increases in your current Medicare supplement insurance plan, why not try Rate Watchers?
MedicareMall has responded to our clients’ concerns by establishing this program designed to monitor your current monthly premiums and alert you when increases occur.