When can Medigap Plans be changed is a common question we hear at justmedigap.com. We also field a lot of questions about Annual Election Periods, Special Enrollment Periods and the occasional misconception about Medicare.
The short answer for Medigap Plan changes is that you can change your Medigap Plan at ANY time. One of the amazing advantages of a Medigap plan is that your hands are not tied with the Medicare Open Enrollment Period.
However, there is a bit of fine print. Medigap Plans, also called Medicare Supplements, have the advantage of allowing you to switch plan providers throughout the year without needing to wait for the typical Medicare Open Enrollment period. If you do want to switch your Medigap plan, please make sure you understand that some states and some plan providers will require you to answer the medical questions or require a medical exam. A great Medigap agent will be able to advise you on what companies require and help you make an informed decision. We as agents try our best to help you find the right fit, and with a Medigap plan
Remember that you are able to switch your Medigap plan throughout the year but you will not be able to switch your prescription drug plan until you reach the Open Enrollment Period or if you qualify for a Special Enrollment Period. A Special Enrollment Period is when something happens that causes you to be able to join, switch or cancel a Medicare Drug Plan.
Special Enrollment Period Conditions for Drug Plans
- Moving out of the plan’s service area
- Losing other creditable prescription drug coverage (such as through an employer, etc.)
- Live in an institution (Such as a nursing home)
- Have Medicaid
- Qualify for Extra Help (A Medicare program that helps people with limited income and resources to pay Medicare prescription drug costs)
The best time to purchase a Medigap policy is during your 6 month Medigap Open Enrollment Period. This period begins the first day of the month of your 65th birthday and enrolled in Medicare Part B. If you delay enrolling in Part B because of other coverage through an employer or spouses employer this 6 month Open Enrollment Period doesn’t begin until you enroll for in Medicare Part B. The benefit of enrolling during the Open Enrollment Period is that there is typically no medical questions and the plans are typically guaranteed issue.
** Medicare Advantage **
If you currently have a Medicare Advantage plan you cannot purchase a Medigap plan in addition to your Advantage plan. They do not work together. If you currently have an Advantage plan but want to switch to a Medigap plan please reach out to us. Depending on when you enrolled in your Advantage plan you may have certain rights to switch within certain time periods. This varies by state and the best way to know your options and your rights is to work with a reputable independent agent who can assess
So when can Medigap plans be changed? There are some tried and true rules, but it also depends on your individual circumstances. Please contact us today for help on your Medigap plan! 352-508-4221