There comes a time in just about everyone’s life when they give some consideration to switching Medicare policies. This may be done, but the timing needs to be right.
If the Medicare policy an individual has is working well for them and they don’t really have any major problems, there isn’t much of a percentage in switching policies. However, if that same person has had nothing but problems with the coverage not being what they want, the service the insurance company offers and the rates are too high – it may be time to think about switching to another policy.
Although anyone may change their policy if that is what they want to do, it is not a “right” and it really needs to be done while an individual is in their six-month open enrollment period.
Before pulling the plug on one policy, it only makes good sense to shop around first and speak to a qualified insurance broker about the changes that might make sense to suit a changing lifestyle. Make sure the benefits between what exists now and what is under consideration are thoroughly compared. One of the first things to check is the rates to see if the new company is offering lower ones.
Comparing policies is the easy part, because Medicare is the same right across the nation, it won’t matter what state it’s purchased in. However, it will matter which insurance broker has the better price. Right now there are still 12 plans on offer, with the letters A through L. Again, all these plans are the same as well, so all a person needs to do is find a price that suits their budget.
If, after doing some price comparisons, the decision is made to switch carriers, don’t make the mistake of canceling the existing plan until its certain the new company will accept the business. There will likely be the usual gamut of health questions and the poking about in one’s medical background first. Keep in mind the new company does not have to accept new business if they find anything that concerns them. If they do accept the new business, then the old policy may be canceled.
A quick tip here for those who aren’t sure they want to keep a new policy after all. There is a 30-day period to decide if the switch to the new policy fits the bill. This is referred to as the “free look” period, and it starts when a person gets their new Medicare supplement policy.
For those who have had their first policy for a period of less than six months, the new insurance broker might insist on a six month wait for coverage on pre-existing conditions. On the other hand, if the policy was in effect for more than six months, any new ones will have the same coverage with no waiting period.