If you've decided to purchase a Medicare Supplement (Medigap) policy to cover some of the expenses Original Medicare doesn't cover, you might be breathing a sigh of relief that you've helped prepare yourself for the costs of your medical care. However, you might have some questions about your policy, like, can my Medicare Supplement policy be canceled by my insurer?
Generally speaking, the answer is no.
According to Medicare.gov, "any standardized Medicare Supplement policy is guaranteed renewable even if you have health problems," which means that "the insurance company can't cancel your Medicare Supplement policy as long as you pay the premium."1
Of course, there are some exceptions in which your insurer could cancel your Medicare Supplement policy. As Medicare.gov notes, if you stop paying your premium, that would be grounds for your insurer to cancel your policy.
The bottom line is, if you want to ensure your Medicare Supplement policy isn't canceled, make sure you pay your premiums on time and that you are honest on your application.
If you're looking for a Medicare Supplement policy, you may notice that you have an array of companies with different standardized plans to choose from. Contact a licensed insurance agent before committing to any one policy or if you have any questions, as this is the best way to guarantee you choose a policy that fits your needs.
Lastly, if you have any additional questions about Medicare or Medicare Supplement policies, please visit Medicare.gov. If you have any questions about your Medicare Supplement policy, please contact your insurance company.
Your style is your choice. Shouldn't your doctor and your coverage be, too?
Learn more about Medicare Supplement insurance options.
Sources:
1 Medicare.gov, What's Medicare Supplement Insurance (Medigap)?