Losing Coverage-What you need to know
Some people will enroll in a Medicare Supplement Insurance Plan and stick with that plan indefinitely. Others will for some reason or another end up switching plans. Here are just a few facts about terminating coverage.
First, losing Medigap coverage will only happen if you fail to pay your premium.
An insurance provider cannot drop you from coverage as long as you make steady payments of the required premium. You may lose coverage if the company that supplies your insurance goes out of business or files for bankruptcy. In the event of this, you will likely be eligible for a special enrollment period.
If you become dissatisfied with your Medicare gap plan, you are able to cancel your coverage.
Be warned, however, that it may be difficult to enroll in another Medigap plan after this occurs in some states. To avoid this period of no coverage, hold on to your current plan until the application for your new desired plan is approved.
You can also receive a refund you decide to cancel your coverage within the first 3o days of enrolling in a plan. This 30 day period was established in order to give you some time to try out your plan. During this time, you can also enroll in a different Medigap plan if you so choose.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or use our instant quote below.