How to Change a Medicare Supplemental Insurance Plan

Medicare Supplement Insurance also known as a Medigap Policy is designed to cover medical expenses that original Medicare coverage does not. Medigap policies are sold by private health insurance companies and their rates vary widely depending on how much extra coverage you need and can afford. If you find that you are unhappy with your present coverage it is possible to switch policies and/or companies for one that better suits your needs.

Instructions

• 1

  Gather insurance rate quotes and levels of coverage from all of the companies that sell coverage in your state. You can get a listing from your State Health Insurance Assistance Office. Narrow down the policies you are interested in purchasing. Choose the one that best suits your needs.

• 2

  Obtain and fill out the new Medigap application. Be sure to note that on the application you must promise to cancel your current Medigap plan within 30 days of purchasing the new policy. This means you will have to pay for both policies during this 30-day period. After this "free look" time frame you can cancel either policy keeping the one you like best.

• 3

  Call the insurance company you have chosen to cancel and advise them of your decision to cancel. Each company may have different procedures for cancellation so be sure to take notes on the steps required.