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April 11, 2022
Do I have to keep my Medicare Supplement indefinitely?

Do I have to keep my Medicare Supplement indefinitely?

Let’s look at a scenario: You’re enrolled in a Medicare Supplement plan and you’re not loving it. It’s not meeting your needs anymore. Are you stuck with that plan? Or it might be the exact opposite situation — you love your Medigap plan and don’t want to alter it.  

Either way, we’re here to answer all your questions about keeping or changing your Medicare Supplement plan. And if you’re looking for more generalized Med Supp information, check out our previous post on the subject here.

Medicare Supplements = flexible Medicare coverage

The most important thing to remember through all this is that Medicare Supplement plans are among the most flexible Medicare options.

As they are supplements to Original Medicare Parts A & B, they only cover what Original Medicare covers (which means no dental, hearing, or vision care). If you visit the doctor frequently, Medigap might be a good option for you.  

Do I have to keep my Medicare Supplement?

You do not have to keep your Medicare Supplement. However, there is only one Medigap Open Enrollment. It is a 6-month window, beginning the month you turn 65 and are enrolled in Medicare Part B. During this time, there is no health underwriting and you cannot be turned down for coverage.

If you do it outside OEP and have any health issues, the carriers can deny your application. If you want to learn more about OEP, check out our blog post about Medicare Supplements here.  

Can I suspend my Medicare Supplement?

If you are under 65 and have a Medicare Supplement due to a disability or other eligible reason, you can suspend your Medigap plan without any penalties. Suspensions over age 65 may incur penalties.

To suspend your Medicare Supplement, you will need to contact your supplemental insurance company.  

Can I lose my Medicare Supplement coverage?

In most cases, no. Medicare Supplement plans cannot drop you without cause. If you stop paying your premiums or were untruthful in your policy application, then the has the right to drop your coverage.  

The other reason you might lose your coverage is if your insurance carrier becomes bankrupt or insolvent. However, this is rare and you should receive communication from the carrier and be given time to find a new plan if this happens.

Do Medicare Supplement plans automatically renew?

Yes, Medicare Supplement plans automatically renew. If you’re paying your premium, your coverage will automatically renew. All Medicare Supplement plans are guaranteed to be renewable if you’re up to date on your premiums.

Want to know more about Med Supp renewals? We have an entire blog post about it. Click here to learn more.

How do I cancel my Medicare Supplement plan?

To cancel your Medicare Supplement plan, contact the insurance carrier anytime. However, before you cancel, you should be aware that if you cancel a plan, you may not be able to get it back because you may not qualify for the plan anymore.

You may also have difficulty enrolling in another plan unless you undergo medical underwriting. Medical underwriting is a process insurance companies can use to determine your eligibility for a plan. This involves reviewing your medical records for medical history and pre-existing conditions. These can lead to denial of enrollment, changes to your benefits or a waiting period before your benefits start.

Learn more: What Health Questions Do I Have to Pass for Medigap Insurance?

Can I switch my Medicare Supplement plan?

You can switch your Medicare Supplement as often as you want, but you do have to prove insurability. That means being able to pass medical underwriting.

If you have any health conditions, you may not be able to switch Medicare Supplement plans. But if you are healthy? We can help you switch as often as you like.

How do I switch my Medicare Supplement plan?

You can switch your Medicare Supplement plan by reaching out and talking to one of our licensed insurance agents.

We highly recommend working with an agent to make sure you are getting the best coverage for you at the right price point. Give us a shout at 833-801-7999 and we’ll help you find a Med Supp option you’ll want to stick with for years to come.

Luke Hockaday
By
Luke Hockaday
Luke Hockaday is a Customer Success Rep here at Medicare Allies. Luke has been helping Medicare-eligible clients with their insurance and retirement-planning needs since 2011. Luke is passionate about 3 things, and 3 things only: senior insurance, football, and food!

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