If you already have a Medicare Supplement (Medigap) plan, you may wonder whether you can switch plans or insurance companies. The good news is that in most states, you can apply to change your Medicare Supplement coverage at any time of the year.
However, there are important rules to understand before making a change.
Can I Change My Medicare Supplement Plan Anytime?
Unlike Medicare Advantage and Part D prescription drug plans, Medicare Supplement plans do not have an Annual Enrollment Period.
In most cases, you can apply to change your Medicare Supplement plan whenever you choose. That means you do not need to wait until the fall enrollment period to explore your options.
However, approval for a new Medicare Supplement plan it may depend on your health and medical history.
What Is Medicare Supplement Underwriting?
When you first enroll in Medicare Part B and purchase a Medicare Supplement plan during your Medicare Supplement Open Enrollment Period, insurance companies generally cannot deny coverage because of your health.
After that enrollment window closes, many insurance companies require medical underwriting if you want to switch plans.
Medical underwriting may include questions about:
- Heart conditions
- Diabetes
- Cancer history
- Recent surgeries
- Chronic illnesses
- Prescription medications
Depending on your answers, you may be approved, declined, or offered coverage with certain restrictions.
Can I Change Insurance Companies and Keep the Same Plan?
Yes.
Many Medicare beneficiaries switch from one insurance company to another while keeping the same plan letter.
For example, someone with a Plan G from one carrier may apply for a Plan G with another carrier if the premium is lower or customer service is better.
Since Medicare Supplement benefits are standardized, a Plan G from one company provides the same basic medical benefits as a Plan G from another company.
The primary differences are typically:
- Monthly premium
- Customer service
- Household discounts
- Financial strength
Can I Change from Plan N to Plan G?
Yes.
Many beneficiaries move from Plan G to Plan N in an effort to lower monthly premiums.
In most cases, changing plan types after your Medicare Supplement Open Enrollment Period will require medical underwriting.
What Are Guaranteed Issue Rights?
Certain situations may allow you to change Medicare Supplement plans without medical underwriting.
These protections are called Guaranteed Issue Rights.
Examples may include:
- Losing employer coverage
- Moving out of a Medicare Advantage service area
- Your Medicare Advantage plan leaving Medicare
- Certain trial rights situations
Guaranteed Issue Rights are limited and apply only under specific circumstances.
Should I Shop My Medicare Supplement Plan?
Many Medicare beneficiaries keep the same plan for years without reviewing their options.
If your premium has increased significantly, it may make sense to compare rates from other insurance companies.
A review may help you:
- Lower your premium
- Maintain the same coverage
- Find available discounts
- Evaluate other plan options
Before changing plans, it is generally best to receive approval from the new insurance company before canceling your existing coverage.
Frequently Asked Questions
Do I have to wait until Medicare Open Enrollment to change my Medicare Supplement plan?
No. Medicare Supplement plans can generally be changed year-round. However, medical underwriting may apply.
Can I switch Medicare Supplement companies every year?
Yes. You may apply at any time, but approval is not guaranteed if underwriting is required.
Can I be denied a Medicare Supplement plan?
Yes. Outside of certain guaranteed issue situations, insurance companies may decline an application based on health conditions.
Is there a best time to switch Medicare Supplement plans?
Many people review their coverage after receiving a rate increase notice, but you can compare plans at any time during the year.
Speak With an Independent Medicare Broker
Thinking about changing your Medicare Supplement plan? The right move depends on your health, current coverage, premium, and available options.
Joe DeAngelis has helped Medicare beneficiaries compare Medicare Supplement plans for more than 40 years. If you’re considering a switch, he can help you review your options and determine whether changing plans makes sense for your situation.
Talk With Joe DeAngelis About Medicare Coverage Options
At MyMedicareQuotes.com, Joe DeAngelis helps Medicare beneficiaries throughout Pennsylvania compare Medicare Supplement plans, Medicare Advantage plans, and other Medicare coverage options from multiple insurance companies.
Whether you are turning 65, reviewing Medicare Supplement premiums, comparing Plan G vs Plan N, or trying to understand underwriting requirements, Joe can help explain your options clearly and honestly.
Get Personalized Medicare Guidance
- Compare multiple insurance companies
- Review Plan G and Plan N options
- Understand Medicare underwriting requirements
- Evaluate long-term Medicare costs
- Get personalized Pennsylvania Medicare guidance
Speak Directly With Joe DeAngelis
Or click here to send a message through MyMedicareQuotes.com and request personalized Medicare assistance.
