When Should I Switch Medigap Policies?

When Should I Switch Medigap Policies?

Although Medicare supplement insurance plans are designed to give you peace of mind, it’s important to remember that not all Medigap plans are the same.

Medigap Plan A, for example, offers the basic services standardized by Medicare but doesn’t cover skilled nursing care, Medicare Part A hospital deductibles, Medicare Part B medical deductibles and excess, or medical costs incurred during foreign travel.

Medigap Plan F, on the other hand, is designed to cover all the high-risk gaps left by Original Medicare. Plan F offers such comprehensive coverage that out-of-pocket expenses are a rarity for many Plan F policyholders.
It goes without saying that Plan F coverage normally costs a little more than Plan A coverage—and the more you use it the more you save.

But what if your health is good and you don’t anticipate making many visits to the doctor next year?

Needs change. Your health can change. In fact, your whole life can be different from what it was a year ago.

Fortunately, you’re not locked into your current Medicare supplement plan for life. As your circumstances change, you have every right to reevaluate your current Medicare supplement plan. If you decide a change is in order, you have every right to switch Medigap plans at certain times of eligibility.

When am I eligible to switch Medigap policies?

You’re eligible to replace your existing Medicare supplement plan during any open enrollment period. During open enrollment any Medicare supplement insurance company must make any of the Medigap plans it offers available to you.

There are also special enrollment periods during which you’re able to switch plans. SEPs are normally the result of certain events or changes in your life, including certain relocations, health-related institutionalization, and release from a health care institution. MedicareMall will be glad to help you determine when or whether you may be eligible for a special enrollment period.

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