It is always good to look for alternatives that work for you because your medical problems are not going to stay the same, as you grow older. There are many reasons why people look at changing their policies to get a wider coverage; the solutions is to seriously consider Medicare supplement plans 2020. The only point that you need to keep in mind is the time at which you make this switch. If you are not within the six-month open enrollment period, you cannot hope to switch policies. Also, if you have bought a policy prior to 1992, there might not be a guarantee that you can get it renewed. Even if you do, the increase in premium would be so high that it would not make sense to go ahead; you need professional help in switching policies at the right time.
The Chicken And The Egg Question
The dilemma is should I sign up for a new supplement policy and then give up my existing one or vice versa? This is enough to get you in a tizzy – one that the insurance agent is expecting! Do not fall into this trap. It is quite easy to get caught in this web because you are not sure how long you have the time to decide. When you apply for the new policy, you have to declare that you will forego the first one. Of course, you do have some time to do this. Most companies give you a grace period of thirty days to decide whether you want to go in for the new one or retain the old one. This is also called the free look period – a time when you can get to know your policy better.
How Soon Can I Switch?
This is another point of confusion. If you have taken a Medigap policy that you thought would work for you and it is not yet six months since you did, you might have to wait for another six months if you want proper coverage of a medical condition that you already suffered from. These conditions are referred to as pre-existing conditions and you are expected to be honest about them.
Take the opportunity to study the strengths and weaknesses of supplement plans to help you make an informed decision about buying supplement plans. The only problem here is that you would have to pay premiums for both the policies if you do not surrender the first one.