More and more people are beginning to realize that they have the wrong Medicare Supplement plan. Many are paying hundreds of dollars more than they should be paying every year. Others are still on one of the plans that are being discontinued. This has prompted many people to start looking to switch to the best supplement. Because of this, it is important to know how and when you can go about switching.
If you have a Medicare Supplement, regardless of what letter plan you are on, you are able to switch any time of the year. With that being said, you are only able to switch plans by going through a process called underwriting. In regard to Medicare Supplements, underwriting simply means that you will need to answer several health questions before the switch to a different
plan can be approved. Because of this, it is important to stress that not everyone will be allowed to switch due to their current health situation. For example, if you have had a recent stroke, heart attack, major surgery, or if you have cancer, Alzheimer’s, or diabetes with complications, most companies will not allow you to switch Medicare Supplements.
Because Medicare Advantage Plans are similar to Medicare Supplements, it is easy to get them confused, when they are actually very different. One way they are different, is that Medicare Advantage Plans can only be switched during the open enrollment period. The open enrollment period is from October 15th to December 7th. This limited window is the only time an Advantage Plan can be changed. If you do change to a new plan at this time, the new plan will become effective January 1st of the next year and remain in effect until the end of the year. When switching between Advantage Plans, you are not subjected to any underwriting or health questions. However, if you are switching from an Advantage Plan to a Medicare Supplement (smart choice), you will most likely need to answer a simple health questionnaire.
If you would like help switching plans, exploring other options to your current coverage, or have a general question about any topic, you may contact Colin directly by calling 402.661.0395, by sending him an email to email@example.com, or by clicking here.