When Can I Switch Medicare Supplement Plans?

Are you interested in switching Medicare Supplement plans?

Whether you've experienced rate increases or you're intrigued by a different plan option, we're here to tell you everything you need to know about making the change.

Can I change my Medicare Supplement plan any time?  

The short answer is most likely.  

One of the biggest benefits of Medigap coverage is its stellar flexibility. In fact, the adaptability of Medicare Supplements frequently tip the scale in its favor when consumers are deciding between Medigap and a Medicare Advantage plan.

To enroll in Medigap, every Medicare recipient has a six-month enrollment period, during which you have free reign to enroll any time. This is likely the same time that you are enrolling in traditional Medicare (Part A and Part B) when you turn 65. During this period, prices are usually a bit lower, which incentivizes many shoppers to commit quickly.

Every state is different but skipping this period can result in higher prices or not being able to enroll at all, so be sure to talk to your agent if you are wondering about your options!  

However, if you already have your Medicare Supplement plan locked and loaded, you are free to change at any time, as long as you can pass medical underwriting.

Should I change my plan every year?  

This question is a bit tricky, but the easiest answer is probably not.  

Your Medigap plan is guaranteed renewable for life, which means that as long as you are paying your premiums, you will not have to renew your Medicare Supplement plan each year.  

However, it's always a good idea to have an annual chat with your agent to make sure your plan is working exactly the way it should for your needs. Though coverage will always be the same, pricing and plan benefits change along with your personal situation. We like to make sure everything is in great shape before entering a new coverage year.  

If you're struggling to find a plan that's right for you, there's nothing wrong with testing out your options. But you should be wary if you have any health issues that could prevent you from passing underwriting with a new provider.  

Additionally, prices will vary outside of your initial enrollment period, so keep a close eye on the full picture of your benefits and pricing.

If your Medicare Supplement premiums have gotten too high and you aren't healthy enough to pass underwriting and switch companies, we can explore Medicare Advantage (MA) plans as an alternative. MA plans have no health questions, and there are more competitive plan options than ever before.

When should I switch?  

If your plan is working well for your needs, there's likely no need to make any drastic changes. However, this is where our Medicare Allies annual reviews come in.

We check in on our customers’ Medigap plans every year just to alert our clients of any changes or benefits they could be receiving elsewhere.  

For example, if your premiums are rising and you feel it might be getting out of your budget range, we can check out a different carrier that may offer lower premiums. Further, if a new carrier just came out with a significant household discount, we like to let you know that you and your spouse could be receiving major premium discounts on that plan.

No situation is one-size-fits-all, so if you're considering switching, don’t be afraid to give us a call.  

How do I switch?  

This one’s easy! To switch Medicare Supplement plans, just give us a shout.  

We are here to help, so we can offer a swift, simple transition to the best of our abilities. We’ll walk you through everything on your end and take the rest from there.  

Conclusion  

Making sure you have the right coverage can be complicated, which is why we do the work — so you don’t have to!  

Call us and we will price shop for you and help you decide if you should consider switching Medicare plans.