Wondering if you can cancel your Medicare Supplement plan at any time? The short answer is “yes.”
According to medicare.gov, if you want to drop your Medicare Supplement insurance policy, simply “contact your insurance company to cancel it”. 1
Of course, dropping your Medicare Supplement insurance policy leaves you without the coverage such a policy provides, so if you’re looking to drop your Medicare Supplement policy, you most likely want to change to a different policy. If this is the case, you’re probably wondering if you’re able to switch.
Medicare.gov lists several reasons you might want to switch coverage, including:
- You may be paying for benefits you don't need;
- You now need more benefits than you previously did;
- You want to change your insurance company, even if your current policy has the benefits you need; or
- You want to find a policy that doesn’t cost as much.2
If you do want to switch your Medicare Supplement insurance policy, eHealthInsurance.com notes that typically, federal law doesn’t allow you to switch unless you can qualify for a new policy by answering health question or unless you have guaranteed-issue rights to buy a policy, either because you’re in the six month window of your Medicare Supplement Open Enrollment Period, or have certain prior coverage that qualifies you for guaranteed issue. During Open Enrollment or Guaranteed Issue periods, insurance companies can’t reject your application for a policy or charge you more because of your health history (but you may have a waiting period before your benefits start). You won’t be subjected to medical underwriting when you apply for a Medicare Supplement insurance policy during other guaranteed-issue rights situations, like if you move out of a plan’s service area or if your insurance company goes bankrupt.3
If you have questions about switching your Medicare Supplement policy, contact a licensed insurance agent to help you answer any questions you have about Medicare Supplement policies, coverage, or switching policies.
Your style is your choice. Shouldn't your doctor and your coverage be, too?
Learn more about Medicare Supplement insurance options.
1 Medicare.gov, Dropping or Losing Medigap, 2019
2 Medicare.gov, Switching Medigap Policies, 2019
3 eHealthInsurace, When Can I Cancel Medicare Supplement Plan, 2019