It can be a big decision to switch Medicare supplement coverage, but certain situations provide seniors opportunities to save money and improve or downgrade coverage. For those who are looking for the best Medigap plans Philadelphia and New Jersey has to offer, it’s critical to weigh all of the options. It’s beneficial to enroll in a supplement plan during your Medigap Open Enrollment Period. It is a six-month window beginning when you are both 65 or older and enrolled in Medicare Part B.
If the Medigap policy you choose initially didn’t turn out to be the right one for you, consider these three reasons for switching plans.
1. You have been paying for too much — Medigap plans offer different coverage. Some may provide more benefits than the next. Therefore, in some cases, seniors may be paying for services they don’t need — and thus spending too much. Some plans may fit your needs better than others.
2. You need more or less benefits – Medicare Supplement plans offer different coverage, and you may find that
you need a benefit your first Medigap plan doesn’t cover. For example, if you have Plan B and you need to go to a skilled nursing facility, you’ll learn that your coverage doesn’t offer skilled nursing facility coinsurance. As a result, you’d be better off with or Plan G, which offers such coverage.
3. A competing carrier gives the same coverage at a lower premium — Although the supplementary plans are all standardized rates can vary. It means that if you purchase Plan G from Company XYZ, you will receive the same benefits as a Plan G policy sold by Company ABC. However, what you pay monthly may differ. The reasons why companies charge different prices are based on the number of policyholders insured with the company. The zip code where the policy is sold or personal factors for you, such as your age, sex, tobacco use, and how and how often you choose to pay, can have an effect.
When your application for a plan has been accepted, you will be given a 30-day “free look period.” It provides you with time to try out your new policy without losing any benefits. You will need to pay both Medigap plan premiums for one month. By the end of the month, you will decide if you want to keep your current plan coverage, or if you want to switch. Regardless of your decision, notify the plan you don’t want that you will be canceling coverage.