When can you change your Medigap plan? This is a common question that has a simple answer. Changing Medigap plans is very easy to do and can be done any time of the year. There are no restrictions on when you can change plans and there are no annual enrollment period that dictate when you can or can not change your plan.
Many people mistakenly believe that Medigap plans have an annual enrollment period because there is so much talk about the annual election period, which applies to the Medicare Part D plans. Medicare Part D is the part of Medicare that covers prescription drugs.
So, with this in mind when should you change your Medigap plan? The short answer to this is that you should change your plan whenever you can get the same coverage for a lower price. Medigap plans are standardized, so every company offers the same coverage plans. For example, a Plan F with one company is the exact same coverage as a Plan F with another company. So, price and company reputation are the primary comparison factors. If you can save money for equal coverage, you should do it as soon as possible.
Companies do not, however, list their Medigap rates online and most state Departments of Insurance also do not maintain up to date databases (at least publically-available). So, how can you compare Medigap plans/rates? The easiest way to do this is through a brokerage or an independent Medicare Supplement agency. An agency like this allows you to compare all plans in a centralized, unbiased place so you can make an informed decision.
To get quotes for the plans in your area (plans vary by age, gender, and zip code), you can request a Medigap plan comparison from us at Medicare-Supplement.US or call us at 877.506.3378.