Why Should I Switch Plans?
There are several reasons why you might want to switch or change your Medicare Supplement Insurance plans. Some are written below:
You may be able to change your plans if you have guaranteed issue rights, pass your medical underwriting, or you’re still within your six-month Medicare Supplement Open Enrollment Period.
Your Medicare Supplement Open Enrollment Period begins the first day of the month you turn 65 and enrolled in Medicare Part B program. Outside of your Open Enrollment Period, you may not be allowed to change your plans unless you have guaranteed issued rights or in certain situations. Even if a company or plan may accept you, you might the paying higher premiums if you have health problems.
Medical underwriting is the procedure that private health insurance companies that offer Medicare Supplement Insurance use to determine if they would allow you coverage or if they would impose certain provisions to qualify you for a benefit.
What happens here is that insurance providers evaluate the health status, history, and other factors such as health risks of the would be beneficiary. The result of the evaluation is set against the standards of the company for eligibility and on how much coverage and the cost of premiums the insured will have.
Look for a new policy or company that you would like to have. If you decide on changing to a different plan within the same company, call your insurance provider and inform them of your plans. If you prefer getting a new policy in another company, check their policies first before calling to apply for your new Medigap policy.
You may probably fill up an application form and answer questions regarding your health status. Indicate that it’s for a replacement or ask for a replacement form. Check your existing and new policy on how they rate their premiums so you know how they would charge you.