Changing Your Medigap Plan
Many people are led to believe that changing your Medicare Supplement plan or Medigap plan is impossible, but this is not the case. Medigap plans can be changed the first of any month in Florida, New York and North Carolina. This change can be made from one Medigap plan to another with the same insurance carrier, or it can be made from one carrier to another. It is worth noting that of those three states, New York is the only guranteed issue state. Florida and North Carolina are not, meaning that a change from one Medigap plan to another will require you to go through the underwriting process. The underwriting process is where the insurer assesses your health and age; along with other factors, to determine if you qualify for the plan and how much you should be paying for it.
In certain circumstances, federal regulations will protect your enrollment into a Medigap plan from the risk of higher plan rates or even being turned down from the plan. These circumstances include; if you are moving out of a Medicare Advantage plan's service area or if you are moving out of a Medigap Select plan's service area. In these two situations you could qualify for protected Medigap enrollment.
People often mix up the rules for Medicare Advantage and Stand Alone Drug Plans (Part D) with those of Medigap plans. The rules for making changes (November 15th to December 7th for a January 1st change), only apply for Advantage and Part D plans. They do not apply for Medicare Supplement plans.
Health insurance is confusing and often seems like a mountain of a task for you to navigate alone. Poindexter Insurance Group is here to help simplify the process of picking a plan that makes the most sense for your medical needs and your budget.
If you have any health insurance related questions, contact us at 315-529-1406 or via email at alex@poindexterig.com.
