Medicare Supplement Insurance, also called Medigap Insurance, is private insurance that can cover coinsurance, co-payments and deductibles that are not covered by Original Medicare. Coverage from a Medicare Supplement differs from one Plan to another plan.
Deciding to Switch
Because Medicare Supplement plans are regulated by the Centers for Medicare and Medicaid Services (CMS) each standardized Medicare Supplement policy must offer the same basic benefits, no matter which insurance company sells it. Cost is usually the only difference between Medicare Supplement plans with the same letter sold by different insurance companies. For many people switching from one Medicare Supplement plan to another plan can help them save hundreds of dollars in premiums annually and the point at which switching becomes an attractive option is different for everyone. In these cases, there is a very real and compelling reason to switch Medicare Supplements Plans or the insurance company that offers the plan.
When Can You Switch
Medicare Supplements are private health insurance and do not follow the same annual enrollment time limits as other Medicare coverage. If you have a Medicare Supplement you can switch to another Supplement at anytime during the year that is in your best interest to do so.
What about Pre-Existing Conditions
Many people who are thinking about switching Medicare Supplement plans express concern about not being covered for pre-existing conditions. Many benefits are covered under Original Medicare and those benefits are not affected by a change in your Medicare Supplement. If you are switching from one Medicare Supplement plan to another Medicare Supplement and your existing policy contains the same benefits as the new policy and you had the policy for at least six months, you cannot be denied coverage for that Medicare Supplement benefit.
Navigating the Options
By working with an Insurance Agent who is familiar with the underwriting requirement of various insurance companies you can avoid many of the frustrations and possible delays of trying to find the best Medicare Supplement plan for you at a cost that works with your budget.
Medicare & You 2024, The official U.S. government Medicare handbook, U.S. Department of Health and Human Services, Centers for Medicare & Medicaid Services, CMS Product No. 10050 January 2024