Medigap Rules and Requirements

[Mack]

To purchase a Medigap policy you must be enrolled in Medicare Part A and Part B. You will pay a monthly premium for a Medigap policy just as you will pay a monthly premium for your Medicare Part B.

It is important to purchase a Medigap policy during your first 6 month enrollment period, which begins on the first day of the month that you are 65 and enrolled in Part B. After the initial enrollment period you will most likely pay more and have limited Medigap policy options.

If you switch from Medigap to a Medicare Advantage Plan then you will want to drop the Medigap plan since it can not be used for copayments or deductibles. If you do drop your Medigap policy to join a Medicare Advantage plan you most likely won't be able to get your Medigap plan back.

 

[moed]

I'm 76 and currently have a Medicare supplement group policy w/ CIGNA. I'm considering opting out of it in favor of an individual medigap plan G w/ Colonial Penn, during the open enrollment period. If I do, will I be able to drop Colonial Penn during the following open enrollment period if not satisfied with Colonial Penn for any reason?

 

[Mack]

I'm 76 and currently have a Medicare supplement group policy w/ CIGNA. I'm considering opting out of it in favor of an individual medigap plan G w/ Colonial Penn, during the open enrollment period. If I do, will I be able to drop Colonial Penn during the following open enrollment period if not satisfied with Colonial Penn for any reason?

Hi Moed, and welcome!

You are talking about stopping one medicare supplement plan and starting another. You mention "medigap" which is the term used for medicare supplement plans.

I do not think that the "open enrollment" period applies to medicare supplement plans, just to Part C (Medicare Advantage) and Part D (Medicare Prescription Drug program).

What you need to do is to ask the particular insurer you are going with what their policy is. I am sure that if you are not happy with Colonial Penn that you can drop them, but will someone else take you on at that point?

Maybe someone in the business can chime in here.

 

[mattspits]

You can add and drop Medicare supplements anytime during the year. You will be subject to the new company's underwriting requirements, and also may not be able to go back to the Cigna group policy. Many times when you drop group coverage, you are not able to get it back. That's a question for your group plan.

I'm 76 and currently have a Medicare supplement group policy w/ CIGNA. I'm considering opting out of it in favor of an individual medigap plan G w/ Colonial Penn, during the open enrollment period. If I do, will I be able to drop Colonial Penn during the following open enrollment period if not satisfied with Colonial Penn for any reason?

Hi Moed, and welcome!

You are talking about stopping one medicare supplement plan and starting another. You mention "medigap" which is the term used for medicare supplement plans.

I do not think that the "open enrollment" period applies to medicare supplement plans, just to Part C (Medicare Advantage) and Part D (Medicare Prescription Drug program).

What you need to do is to ask the particular insurer you are going with what their policy is. I am sure that if you are not happy with Colonial Penn that you can drop them, but will someone else take you on at that point?

Maybe someone in the business can chime in here.

 

[MBSC]

Keep in mind the group plan's premium may be community-rated, that is all ages pay the same premium. If you move to an individual Medigap, it may be attained-age, that is increasing premiums as you age.