When can I change Medigap?
While you have some specific opportunities to change your Medigap plan, you cannot change it at any time without restrictions. It’s crucial to be aware of the applicable enrollment periods and your eligibility for guaranteed issue rights to make informed decisions about changing your Medigap coverage. Here are the key points to understand:
- Initial Enrollment Period (IEP): The best time to change or purchase a Medigap policy is during your initial enrollment period, which begins when you are both 65 years old and enrolled in Medicare Part B. This period lasts for six months. During this time, insurance companies are generally required to sell you any Medigap policy they offer, regardless of your health, and they cannot charge you higher premiums based on pre-existing conditions.
- Special Enrollment Periods (SEP): There are some specific situations that may qualify you for a special enrollment period to change your Medigap policy. These situations include, but are not limited to, losing other health coverage, moving to a new area, or losing your current Medigap coverage through no fault of your own. In such cases, you have the opportunity to apply for a new Medigap policy without the usual underwriting process.
- Annual Open Enrollment Period (OEP): Some states have an Annual Open Enrollment Period (OEP) during which you can switch Medigap policies, regardless of your health. This period varies by state and may not be available in all states.
Underwriting Outside of Enrollment Periods: If you want to change your Medigap policy outside of the open enrollment period or other special enrollment periods, you may need to undergo medical underwriting. This means the insurance company can consider your health status, and you may not be guaranteed acceptance or the best premium rates.
Guaranteed Issue Rights: If you have a Medigap policy and are also enrolled in certain other types of coverage, like employer or union-based coverage, you may have guaranteed issue rights. This means you can switch to a different Medigap policy without medical underwriting during specific periods.
It’s advisable to review your options carefully when considering changing your Medigap plan. Check with your state’s insurance department or a qualified insurance professional for guidance tailored to your location and circumstances.
