How to Change Medigap Policies

Many reasons exist to change Medigap policies. You may be looking for a less expensive policy. Sometimes you pay for benefits you don't need or need more benefits than you did before. Before making any changes to your Medicare supplemental health insurance, however, find out if an insurance company can sell you a new Medigap policy. Federal law regulates what an insurer can and cannot do when you change policies.

Instructions

• 1

  Check to see that you are within your six-month open enrollment period; otherwise, you might be unable to switch policies. In certain situations, you may have guaranteed issue rights when an insurance company cannot deny you a Medigap policy. This is usually the case when you have other health care coverage that you lose.

• 2

  Contact your State Insurance Department to find out which insurance companies in your state sell Medigap policies (see Resources). Another option is to call 1-800-MEDICARE and talk to a customer service representative who will give you information about the Medigap policies in your area.

• 3

  Compare benefits and premiums before switching policies. If you purchased your current Medigap policy before 2010, it might offer coverage not available in a newer policy. Consider your current and future healthcare needs when deciding which benefits you want. Premiums can vary greatly for the same coverage; therefore, you should contact more than one company. Ask if a company offers discounts to help bring down the cost of premiums.

• 4

  Fill out the application form completely. If an insurance agent completes the application for you, review it carefully to make certain all the information is correct. Request an effective date as soon as your old policy ends. Typically, coverage begins the first of the month after you apply.

• 5

  Wait to cancel your current policy. You will have 30 days to decide if you want to keep the new policy. Of course, you will have to pay the premiums for both your old and new policies for one month. Keep in mind, too, that once you cancel a policy, you cannot get it back.

• 6

  Contact your insurance company once your application is accepted and you have decided you want the new Medigap policy. Request to have your current coverage end. The insurance company will instruct you how to submit a written request to terminate your old policy.