Switching Between Plans of Medicare Supplement Plan


Medicare Supplement Plans have different standardized variants and customers may want to switch between them. They may want to switch when they want new benefits, or they want to relinquish existing benefits which they are unlikely to use. They may also want to switch if their financial status changes and they can afford more costly and comprehensive policies or would like to downgrade to a basic policy during financial crunch. The details for switching between the Medicare Supplement plans are as follows:  https://www.medicaresupplementplans2020.com/

Switching Medigap Policies

Usually, once the 6-month period of the OEP has ended, it is a bit difficult to change between the Medigap plans. The customers can switch policies if they have guaranteed issue rights. There is no deadline for switching between the Medigap plans and if the insurance company is willing to allow the customers to switch plans, they can do so. However, on switching plans the customer loses their guaranteed issue rights. Customers with pre-existing health conditions have to go back to the underwriting process and they may not be issued the policy.


Waiting Period after Changing Plans

After switching between Medigap plans, the customers will generally have to wait to receive coverage for any pre-existing diseases. If the switch is made outside the OEP and the customer has a pre-existing health condition, then they will have to wait to be covered for the same. After changing the plans, if the new plan offers additional benefits which were not covered under the previous plan, then the customers will have to wait for six-months to avail those additional benefits.


Free Look-in Period

It may happen that the customers change their Medicare Supplement plans and they do not like the new plan. In such cases, they have the right to cancel the new Medigap plan within the first 30 days which is referred to as the free look-in period. The free look-in period commences from the date when the customer receives their policy. It is recommended that the customers should retain their earlier policy during the free look-in period of the new policy. If they wish to cancel the new policy, they will still have the earlier policy effective.


Is Switching Essential for Old Policies

It is not essential to cancel old Medicare Supplement plans and switch to the new plans. If a customer bought the policy before 1992, then they do not need to change to a newer plan. Once the customers decide to change to a new plan their old policy is canceled and they will not get its benefits. Also for any new additional benefits offered under the new policy, they need to wait for 6-months to avail the same.