MEDICARE GLOSSARY

Guaranteed renewable policy

1

Medicare guarantees that all Medigap Supplement policies are guaranteed to be renewable. This means that as long as the policyholder pays their premiums on time, the insurance company cannot cancel their Medigap policy due to health status or any other reason.

Guaranteed renewability ensures that individuals who have Medigap coverage can keep their coverage and receive the same benefits even if they develop health problems or medical conditions after purchasing the policy.

It's important to note that guaranteed renewability only applies to Medigap or Supplement policies and not to other types of insurance or Stand-alone prescription drug plans. Additionally, guaranteed renewability does not prevent insurance companies from increasing premiums due to factors such as age or inflation, but they cannot increase premiums based on the policyholder's health status or claims history.

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