There are many situations under which it does not seem feasible to stick to a particular Medicare supplement plan. As such, you have to choose from 10 different plan options when you become eligible. The changes in your life and medical conditions and even the rising premiums may make you decide to shift your policy. However, changing policies is not always a very easy thing to do. Once you have decided which policy you want for your coverage, it may seem literally impossible for you to make a shift. There are a host of state regulations and even local regulations that might stop you from doing so. On top of this, you cannot even be sure that the next policy will suit you better than the one that you are using right now. Quite obviously, shifting back would not be a choice for you anymore and you would have to stick to what you already have.
However, if you really want to change your Medicare supplement plan, then try focusing on these steps:
Define the reasons- first of all, you must be able to do a complete analysis of your existing Medicare supplement plan. You must be clear about the reasons why you are leaving a particular policy. It can be quite possible that you have become reckless for a change or maybe because you think that the policy of your neighbor is better than your own policy. You might be supplementing this belief with reasons that don’t even exist. Therefore, you must first write down the reason why you are planning to change your policy. It will help you in understanding what you need in a better way.
- Define the needs- now, you need to define what exactly you want from your new Medicare supplement insurance policy. Forget about what the new plan is providing at the moment and simply focus on the areas where you remained dissatisfied in your previous policy. Write down all that you want in the new Medigap policy. This can be a better coverage for Part A of Medicare. Maybe you were not being covered for Part B deductibles before, but now you want the coverage. It is quite possible that you think that getting coverage for blood work, hospice care and skilled nursing care like you get with Medigap Plan F would be desirable for you as you are getting older. Simply write them all down.
- Read the new policy- with the new Medigap insurance policy, you are hoping to move away from all the imperfections of the old policy and stick to the needs that are being fulfilled by the new policy. In such a case, you would be getting more coverage than usual. Read the policy very carefully and check whether your needs are being fulfilled or you are getting an old pie in a new packet. This is very essential to know as the new policy might also have some flaws. You just need to make sure whether you can live with those flaws or not.
- Get a quote- now that you know that the new policy is what you want to get, simply focus on the price. The policy benefits would be the same but different companies will give you different Medicare supplement quotes at different prices. Therefore, check what all is available to you. Also compare your personal Medicare supplement quotes with the old policy. Are you getting enough value in return of the money that you will be paying as a premium? If you think yes, then go ahead and move on to the next step.
- Check the state regulations- also check the regulations by the state and the local authorities on your change of Medigap policies. Usually, it would be very difficult for you to do so, even when you are in your six month open enrollment period. Therefore, make sure that the state does not have any restrictions regarding the shift that may bother you later.
- Call the new insurance company- call the new insurance company and let them know about changing your Medicare supplement plan as well as the name of the new company you will be going with. They will guide your further on this topic. By experience, we can say that they are not very excited for this change, but you can definitely make a choice. They will ask you to drop the coverage from the first company before you get the new coverage. However, you don’t really need to do so right now. You have a 30 day free look period. Make sure that you use this period to check out what the new insurance policy and the company provides. If you think that it is not suitable, your old coverage will continue.
- If you think that everything is in order and your new policy is better than the older one, simply make a shift by dropping your old coverage.