Retirement Partners LLC Blog
Medicare Supplements or Medigap plans are guaranteed issue during your open enrollment period. This begins the first month you have Medicare Part B and are 65 or older and it lasts six months. What this means is during this six-month period, you cannot be turned down or be given a waiting period for any pre-existing conditions. Pre-existing condition is a health condition that existed before the start of a policy (i.e., diabetes, heart disease, cancer, etc.).
If you are trying to get out of a Medicare Advantage Plan and enroll back into Original Medicare you can only do that during the annual AEP which is October 15th through December 7th.
There are exceptions to these rules where you can switch and still have guaranteed issue.
Medicare Supplements or Medigap plans can be changed anytime through the year if you are switching from one Medigap plan to another. However, your knew policy will not be guaranteed and you are now subject to underwriting.
If you do decide to switch your Medigap plan you are given a 30-day free look period. During this time if you change your mind and want to stay with your current plan you are allowed to cancel the new policy. Be aware you must not cancel your current policy during the 30-day free or you might not be able to switch back without going through underwriting. You will be responsible for both premiums.
How can I leave my Medicare Advantage Plan?
If you are trying to get back to Original Medicare and you don’t meet any of the exceptions listed above the only time you can switch back is during the Annual Enrollment Period (AEP). This period is between October 15th and December 7th every year. Again, you will be subject to medical underwriting, but you can leave your Medicare Advantage plan if you so choose. During this time, you can also review your Medicare Part D plan and should be in contact with your current agent.
If you have any questions or would like a review of your current policy please email us at Retirementpartnersllc@gmail.com or give us a call 800-254-5200. We look forward to hearing from you.
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