Changing Medigap plans is relatively easy to do. More importantly, it is essential to do – or at the least, to compare the options – on an ongoing basis every few years. Medigap plans are completely standardized by the Federal government – this means that all plans are the same, regardless of which company sells it to you. For example, a Plan F with one company is the exact same as a Plan F with another company. Often, though, rates can vary widely, as much as $100/month for the same coverage. So, comparing the options, and changing if necessary, is a vital part of your sound financial plan once on Medicare.
So, what is the process for changing plans, if you elect to do so? It is very easy to do:
- First and foremost, understand what you have, what the plans are and how to compare them. So many people that we speak with every day do not realize or understand what plan they have or how the plans work. The plans are standardized, as mentioned above, so that means YOUR Plan G is not any different from a different Plan G. Also, all plans pay the same way, can be used anywhere that takes Medicare and use the Medicare “Crossover” system to pay claims. Next, you should understand how to compare plans. Once you understand that the plans are standardized, understand that you can compare plans to see if there is equal coverage for a lower price.
- Compare the options from an unbiased source. Unbiased is the key word here. There are many sources out there for comparing/purchasing a Medigap plan. But it is important to use an independent agent, primarily for their expertise and ability to compare all plans in a centralized place. An agent that sells one company is, obviously, going to tout their company, but it is more advantageous for you to compare using an independent agent.
- Make the move – apply for a new plan for a future effective date, then once approved, cancel the old plan, effective the same date the new plan starts. Once you have compared the plans available in your zip code, based on monthly premiums and company reliability, you can simply choose a plan and apply. You will apply for a future effective date – usually, at least 2-3 weeks in advance. Then, once it is approved, you will cancel your “old” plan effective the same date that the new plan starts. This way there is no lapse or overlap in coverage.
Medigap-Quote.com and Secure Medicare Solutions help hundreds of people change to lower cost plans each year. Our job is to provide a full comparison of all the plans for your age and zip code, as well as providing information about which companies have been most reliable/stable over time. Once you have that information, we can work with you to help you decide on a plan and reduce your costs. If you would like to reduce your premium and have had your current plan over 12 months, you can easily do so. Contact us at 877.506.3378 or Medigap-Quote.com Quotes.