Let’s imagine this situation:
You retired and decided to buy a Medicare Supplement plan. You had no trouble qualifying for the policy. In the beginning, you admired the Medicare Supplement Plan because it covered all your out-of-pocket expenses. Medicare Supplement Plans are developed to reduce out-of-pocket charges like deductibles, copayments, and coinsurance. However, your healthcare demands have changed significantly. You don’t need an expensive healthcare insurance policy with exhaustive coverage. Here are two reasons why:
- You don’t have any monthly medical bills. You are absolutely healthy! You find the supplemental plan unnecessary.
- You have opted to buy a Medicare Advantage plan. Since the supplemental plan doesn’t compliment the Advantage policy, you have decided to drop it.
Cancelling the Medicare Supplement Plan
Medicare supplement plans don’t have a strict canceling policy. In fact, you don’t have a disenrollment period too! Insurers can cancel their Medicare Supplement Plans at any time.
To cancel the policy you must get in touch with your insurance service provider. Tell them that you want to discontinue the policy. If the coverage is active, it will continue until the month’s end. Afterwards, the policy will terminate.
Key Take Away – The Policy will be active only until the month you have paid for.
Points to Consider Before Cancelling your Supplemental Plans
Dropping your Medicare supplement plan is easier than buying a new policy. This is why you should think twice before canceling the healthcare plan.
Here are few points to help you make a wise decision:
- You cannot buy a Medicare supplement plan with an active Advantage plan. You must purchase an original Medicare Part A or Part B to buy a supplemental plan.
- There are laws to stop people from selling a Medicare supplemental plan to beneficiaries with a Medicare Advantage plan.
- Americans who decide to release their Medicare Advantage Plan will not be allowed to buy a supplemental policy again. You must have “Guaranteed Issue” or “Trial Right” to buy the policy again.
- The Guaranteed issue law makes sure that healthcare service providers sell standardized Supplemental plans. The insurance company cannot quote a higher premium because of a disease or medical condition.
The Actual Procedure
No one can stop you from canceling a Medicare supplemental plan. Yet, switch only if you have found better coverage at a lower price. Also, take into consideration your healthcare needs.
Key Take Away – Healthcare demands can change with time. Think twice before canceling or changing your Medicare Supplement Plan. For more information click check out Medigapplansguide.com