4 reasons you may want to switch Medigap policies
- You're paying for benefits you don't need.
- You need more benefits than you needed before.
- Your current Medigap policy has the right benefits, but you want to change your insurance company.
- Your current Medigap policy has the right benefits, but you want to find a policy that costs less.
Can I switch policies?
In most cases, you won't have a right under Federal law to switch Medigap policies, unless one of these applies:
- You're eligible under a specific circumstance or guaranteed issue rights
- You're within your 6-month Medigap open enrollment period
You don't have to wait a certain length of time after buying your first Medigap policy before you can switch to a different Medigap policy.
See the situations below on switching Medigap policies.
How to switch Medigap policies
If you decide to change insurance companies, call the new insurance company and arrange to apply for your new Medigap policy. If your application is accepted, call your current insurance company, and ask for your coverage to end. The insurance company can tell you how to submit a request to end your coverage.
Medigap free-look period
You have 30 days to decide if you want to keep the new Medigap policy. This is called your "free look period." The 30-day free look period starts when you get your new Medigap policy. You'll need to pay both premiums for one month.
Don't cancel your first Medigap policy until you've decided to keep the second Medigap policy. On the application for the new Medigap policy, you'll have to promise that you'll cancel your first policy.