Change of Medicare Advantage Policies (Medigap)

If you have completed 2019 blue cross  Medicare Advantage Insurance (Medigap), you may be wondering if you should consider switching policies. If you are satisfied with your current Medigap policy, it is best to maintain your policy as long as insurance coverage and the insurance company meet your needs.

If your cost or coverage does not satisfy, you may want to change to a brand new Medigap plan. For instance, you may want to change because:

  • You pay for services you do not need or may never need.
  • Now you need more benefits than the first purchase of your policy.
  • Your insurance firm does not satisfy you.
  • You want to find a policy that is less expensive.

You may also need to change to a new Medigap policy if you qualify for a guaranteed issue right for one of the following reasons:

  • You lose your coverage because your insurance company goes bankrupt or closes your business.
  • You cancel your policy because the company has committed fraud.
  • You cancel your policy because the company has cheated you.

Can I change my Medigap plan?

In general, under federal law, you are not entitled to change the Medigap policy except you are within the open enrollment period of six months or, as noted above, have a guaranteed issue subsidy. This does not really imply that you cannot change your plan: if your state has more easy rules or if the insurance firm wants to sell you a Medigap policy, you may be able to change the policy. Keep in mind that you may have to answer some medical questions or pay more for your new Medigap plan if you do not have a guaranteed issue right or outside of your Medigap open enrollment period.

What happens if I change my new Medigap policy and I do not like it?

If you are not satisfied you have the right to a change of mind and cancellation of your new Medigap plan within the first 30 days. This right is called the Free Look period. The 30-day review period begins when you receive your new Medigap plan.

If you choose to change, it is best to maintain your first Medigap plan until you decide to maintain the new plan. You must pay both premiums for one month however it may be worth it: unless you do not cancel the original policy within the period of free-look. You can return to this plan if you do not, like the new Medigap policy you did choose.

To use this suggestion, you must indicate in your new application that you promise to cancel your first Medigap plan. If you are sure you are satisfied with your new insurance, you can call your current insurance company and request the end of coverage. The insurance company will tell you how to request cancellation of your plan.

Do I need to change plans if I have a Medigap plan?

If you have an old Medigap plan that you purchased prior to 1992, you do not have to change to any of the new, more standard Medigap policies.