For many Medicare beneficiaries, a Medicare supplement insurance policy makes sense for them to manage their out-out-pocket expenses and assure their access to the medical care providers they want.
For most, the decision to buy a Medicare supplement policy is made at the time they turn 65 or are first eligible for Medicare. But what if you’re no longer happy with your supplement provider? What if rates have increased to a level you are no longer comfortable with or no longer affordable for you? What can you do?
What Can You Do If You Are Not Comfortable With Your Medicare Supplement Insurance Policy
You can always change to a new provider at any time, but normally, this means being subject to medical underwriting. What if your health has deteriorated? Will you be accepted? What will it cost?
In Missouri, we are very fortunate. State law allows us to take advantage of the “Missouri Anniversary Rule”. This special rule allows Medicare beneficiaries to switch Medicare supplement providers every year in the period 30 days before the anniversary of their existing policy’s renewal. Changes made using this rule ARE NOT SUBJECT TO MEDICAL UNDERWRITING! Your right to switch is guaranteed, regardless of current health.
The only special restriction is that such a change must be between like plans.
For instance, Plan F to Plan F, Plan G to Plan G. You can switch carriers, but the benefit level must be equal. Switches between plan types, such as Plan G to Plan F, may be subject to medical underwriting.
At Insurance Advisors, we work hard to make sure our clients are getting the best value possible. Please Call us at (314) 842-0960 and let us conduct a free review of your current Medicare coverages to make sure you are getting the best value out of your premium dollars.
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