The rate of the premium keeps increasing each year which further becomes a problem for a lot of people. Therefore, in cases like these a number of people prefer changing their Medicare supplement plans. If you feel satisfied with your current plan, you can definitely work with that, but if you are not you can consider changing. You need to stick to a plan, as long as it can fulfill your requirements. There are various reasons why you may consider changing your plan. But, you can actually discuss with your company about the whole procedure.
As per the federal law, you have the right to purchase the Medicare supplement plan during the Medigap Open Enrollment Period. Usually, this period becomes valid since your 65th birthday or from the day your Part B plan becomes valid. The Open Enrollment period lasts for a time period of six months. If you’re purchasing the plan during this period, you won’t be denied or the potential benefits. Nonetheless, if you miss out on it, you will have to get a medical underwriting.
Switching after open enrollment period
When your Open Enrollment period ends, the insurance companies will refuse to sell the Medicare supplement plans to you. They may do other things too such as charge higher premium owing to a pre-existing health condition or delay to provide you the plan. Many times, you will need to undergo the medical underwriting process too.
However, you can choose to switch the plans in this case. But, the only disadvantage would be that you will need to put extra effort and take up a higher level risk.
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If you have switched to a new policy and do not like it, you can immediately ask to change the Medicare supplement plan within the first 30 days. It is easy to cancel during this period since you have the option of ‘free-look period’.
Will you need to switch if you move to other place?
Technically, if you own the Original medicare Part a and B plans, you will not need to switch your medicare supplement plans no matter which place you move to.
However, if you want to purchase a new policy, you can definitely contact the insurance company and know about the plans. In that case, you may need to pay more if you are out of your Medigap open enrollment period. Therefore, you need to be completely prepared for the whole situation.