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If I want to drop my Medicare Supplement policy, what do I consider?
You may want a completely different Medigap Supplement policy. Or you might decide to switch to a Medicare Advantage plan that offers prescription drug coverage.
1. Timing: You can drop your Medigap policy at any time, but you need to be careful about the timing. Once you drop your Medigap policy, you may not be able to get it back. If you drop your Medigap policy outside of your initial enrollment period or a special enrollment period, you may not be able to enroll in another Medigap policy later. 2. Other coverage: If you drop your Medigap policy, you will need to have other coverage to fill the gaps in Medicare coverage. You may want to consider enrolling in a Medicare Advantage plan or a stand-alone prescription drug plan (Part D).
3. Cost: Medigap policies can be expensive, so dropping your policy may appear to save you money on premiums. However, you will need to weigh the cost savings against the potential out-of-pocket costs for medical services that are not covered by Original Medicare.
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4. Health status: Example, if you drop your Medigap policy and have a health condition, you may have difficulty getting another policy in the future. Insurance companies can use medical underwriting to determine whether to accept your application for a Medigap policy, and you may be charged higher premiums or denied coverage altogether based on your health status.
5. Guaranteed issue rights: If you drop your Medigap policy, you may have guaranteed issue rights if you need to enroll in another Medigap policy in the future. This means that insurance companies cannot deny you coverage or charge you higher premiums based on your health status if you meet certain criteria.
6. You mistakenly dropped your entire Medigap policy, and the drug coverage wasn't creditable prescription drug coverage.
7. Before dropping your Medigap Supplemental policy, it's important to talk to a licensed and qualified insurance agent or a Medicare counselor to understand your options and the potential consequences of dropping your policy.
MedHelpCenter.us recommends that you call the Senior Health Insurance Agency at 813-592-8568 for further explanation.
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