Yes, you can switch your Medicare Supplement plan, also known as Medigap, under certain circumstances. However, there are rules and limitations that you need to be aware of.
One important thing to note is that you can switch your Medicare Supplement plan at any time of the year, not just during the annual open enrollment period for Medicare Advantage and Medicare Part D plans (which runs from October 15 to December 7 each year). However, if you switch your Medigap policy outside of your initial enrollment period or a guaranteed issue right, you may be subject to medical underwriting, which means that the insurance company may review your health status and medical history to determine whether to approve your application and what premium to charge you.
Here are some situations in which you may be able to switch your Medicare Supplement plan without medical underwriting:
1. Open enrollment period: You have a six-month open enrollment period that starts on the first day of the month in which you are both 65 or older and enrolled in Medicare Part B. During this period, you have a guaranteed right to purchase any Medigap policy sold in your state, regardless of your health status.
2. Guaranteed issue right: If you have a guaranteed issue right, you can switch your Medigap policy without medical underwriting. Some examples of situations that may trigger a guaranteed issue right include losing employer-sponsored health coverage, moving out of your current Medigap policy’s service area, or your Medigap policy being discontinued through no fault of your own.
3. Switching to a plan with equal or lesser benefits: If you currently have a Medigap policy and you want to switch to a different Medigap policy with equal or lesser benefits, you may be able to do so without medical underwriting.
It’s important to carefully consider your options before switching your Medicare Supplement plan. Factors to consider include the benefits offered by the plan, the cost of the plan, and any limitations or restrictions on coverage. You should also work with a licensed insurance agent to ensure that you understand the rules and limitations of switching Medigap policies and choose the plan that best meets your needs and budget.