Medicare has various insurance policies in place with the Basic original plans of A and B. There are Parts C known as Medicare Advantage and Part D is for prescription drugs. Apart from these, there are Medicare supplement plans also known as Medigap plans. Medigap plans usually cover a varied coverage range as they are put in place to cover the gaps that Medicare original plans could not cover. So all in all, it is better to have Medigap policy so that copayment, coinsurance, and deductibles can be insurance covered which pile up over the years
Anyone might consider switching or dropping Medigap in case they want better benefits at a less cost or if they want more benefits at the same cost or insurance company needs to be changed and so on. No matter what the reason, it is advisable to have another plan in place even if Medicare supplement plans are dropped so that the expenses are recovered without any burden on a person.
Dropping Medicare supplement plans: Change plans at https://www.medisupps.com/
It’s the insured person’s decision to keep or drop the insurance. So to drop the policy, contact the insurance provider and ask the agent to cancel it. The insurance agent can also advise on this and maybe suggest some alternative policies with the benefits customized to the needs of the policyholder. In case, a person drops the Medicare supplement policy there is no turning back because there is no guarantee that a person who drops the plan will get it back.
Losing Medicare supplement plan:
In maximum cases, the insurance provider cannot stop services for the person as the Medigap policy comes with a guaranteed renewable policy. Because of the above-mentioned statement, the insurance companies cannot drop a client unless one of the following occurs:
- Premium is not being paid by the policyholder
- The policyholder put forth falsified information during the policy application
- The insurance company has become bankrupt or insolvent
Exception: If the policy was bought before 1992, it may not have the guarantee to renewal feature. In this case, the insurance provider can refuse to renew the Medigap policy for that person.
To cancel anyone insurance policy that insurance company must get the approval from the state for the cancellation of the respective persons Medicare supplement plans before doing so. In this case, the affected party has the right to seek another Medigap policy.