Changing Medicare Supplements Insurance Plans
Changing coverage into a Medicare Supplements Insurance Plans is one of the most misunderstood areas of Medicare health insurance. It is also one of the most commonly asked questions from clients. Here are some ways to change into or around Medicare Supplement Insurance Plans Insurance Plans.
Changing from a supplement to a supplement:
There are usually only two reasons a person wants to change from one Medicare Supplements Insurance Plans insurance plans to another. The first is to get a lower premium. The other is to add or decrease benefits (which usually changes the premium as well). We discuss this in great length in the Medicare Supplement Insurance Plans section of our sit but briefly stated here: every Medicare Supplements Insurance Plans letter is the same regardless of the company you choose. Only the premium is different. A Plan F with company A is identical to a Plan F with company B. If you are looking to change your plan for a lower premium but keep your identical benefits, make sure you request to stay in the plan letter you are currently already in.
Enrollment from one supplement to another:
A very common source of confusion is when a person can change from one Medicare Supplements Insurance Plans to another. In most states, a person is not locked into their Medicare Supplements Insurance Plans and can opt to change at any time. You do not need to wait for the October to December annual election period to make this change. However, most states do not require guaranteed enrollment. This means that if you wish to change from one Medicare Supplements Insurance Plans to another Medicare Supplements Insurance Plans, you will most likely have to answer health questions and the insurance company will decide whether to grant or deny you coverage. If your health does not permit you to change coverage at this time, you do not automatically lose your current coverage by applying for a new supplement. However, it is important you do not actively cancel your current coverage until you have been approved for the new coverage. And remember, before you cancel your current coverage you should make sure you received the benefits in the new coverage you wanted.
Moving from a Medicare Advantage Plan to a Supplement:
While enrollment into a supplement can happen at any time as long as your health allows it, getting out of a Medicare Advantage plan can only happen under certain circumstances or at certain times of the year. Usually, most people can only apply to leave their Medicare Advantage plan October 15 to December 7 for the disenrollment to happen on January 1. So it is important to get your medical underwriting done by a Medicare Supplements Insurance Plans as early as possible. What you do not want to happen is to apply to leave a Medicare Advantage plan and then discover your health will not allow you to get into a Medicare Supplements Insurance Plans. We usually encourage our clients to start the process of applying in September just to be safe. Not all states allow an application to be taken that early in the year. It is important to check with a knowledgeable insurance advisor if you wish to do this as early as possible.
Sometimes a person can move into a Medicare Supplement Insurance Plan from a Medicare Advantage plan in the middle of the year. If you have moved out of a Medicare Advantage plan’s service area, for example, you get a 63 day window to get a supplement, you are even allowed some (but not all) supplement plan letters without any health questions asked. Another way of moving is if your plan stops offering coverage in your area, you are given an opportunity to change to a supplement. If you are in your first year of your first advantage plan and you change your mind, you are allowed to go back to your supplement or choose a new one with no questions asked. There are several other options for transitioning from an advantage plan to a supplement mid-year. However, the majority of people fall into the change during the end of the year election period. If you feel a special circumstance applies to you, please seek help from a knowledgeable insurance advisor who is familiar with your situation.