There are some who worry that their insurance company could cancel their Medicare Supplement plan. The good news, is that allMedicareSupplement (Medigap)insurance plansissued since 1992 are guaranteed renewable. This means that there are only certain conditions under which yourinsurancecompany can cancel yourMedicareSupplementinsurance plan, such as:
- You stop paying your Medicare Supplement insurance plan premiums.
- You provided false information on the policy application.
- The insurance company becomes bankrupt or insolvent.
Also, your insurance company cannot drop you if you develop a health problem.
Moving will not necessarily cancel your Medigap policy either. If you move to another state and have Original Medicare (Parts A and B), you can keep your current Medigap policy regardless of where you live. However, there are some things to keep in mind:
- Not every standardized Medicare Supplement insurance plan is available throughout every state.
- Wisconsin, Minnesota, and Massachusetts have their own standardized Medicare Supplement insurance plans.
- Your premium might be different in your new location
It is possible to switch your supplement plan to get a lower premium or different coverage. However, be aware of when your eligibility periods are. If you are outside of your 6-month Open Enrollment Period, you may not be able to switch. If you are thinking of canceling your Supplement plan, contact your insurance company first. Also, remember that if you wish to apply outside of your OEP (open enrollment period) or guaranteed-issue right, you may be denied coverage or charged a higher premium.
Making the right choices about your Medicare coverage can be smooth and simple. If you are in need of any assistance in transitioning to Medicare coverage, call an agent and set up a meet and greet. We are here to help you.
Book your Annual Review with Bill or his assistant:
Book your appointment today: