If you have Medicare Supplement (Medigap) insurance, you may be wondering if you should consider changing plans. if you’re satisfied with your current Medigap plan, a good option is usually to stay with your plan for as long as the coverage and insurance company continue to meet your needs.
If you are unhappy with your coverage or costs, however, you may be thinking about switching to a new Medigap policy. For example, you may want to switch because:
- You are paying for benefits you don’t or may never need.
- You need more benefits now than when you first bought your policy.
- You are not satisfied with your insurance company.
- You want to find a policy that is less expensive.
You may also need to switch to a new Medigap policy if you are eligible for a guaranteed issue right for one of the following reasons:
- You are losing your coverage because your insurance company is going bankrupt or out of business.
- You are canceling your policy because the company committed fraud.
- You are canceling your policy because the company misled you.