If you are currently satisfied by your Medigap insurance policy, you have no reason to switch to a new plan. However, if your current policy is Plan E, H, I or J, you will need to make a switch soon even if you are happy with your coverage. This is due in June 2010, these plans will be done away with. If this describes your current situation, or if you hope to receive better coverage from your insurance, now is the time to look into switching Medigap policies.
With the removal of four current plans, two additional ones will be added to the lineup, which are named Plan M and Plan N. If you have been debating about switching to a new policy for a while but have continuously put it off, now is The time to go through with it.
The first step you need to take is to compare the rates you are paying now and the current benefits you are receiving with the rates and benefits of different Medigap policies. This is easily accomplished as all plans are standardized at the federal level. A plan offered by one agency with the same letter as that offered by another agency will have the same coverage. This simplifies the challenge of comparing prices between insurance providers so that it is no challenge at all.
Once you make a final decision to switch, do not cancel your current existing plan until you ensure that the new insurance provider will accept you with the plan you want. Health questions will be answered by performing a background check on your medical history. Understand that they are at no obligation to accept you. When filling out paperwork, you will sign forms that require you to cancel your current policy once you have been accepted. This is to emphasize the fact that people need not have multiple Medigap policies at the same time.
Some seniors who switch policies like to play it safe by paying premiums of both Medigap policies for the first month. You have 30 days to decide if you certainly want to keep your new coverage plan, so you may want to make use of this "free look" period to solidly make up your mind. For advice on switching policies, the best plan is to work with a professional agent who dedicates him or herself to helping seniors like you make a Medigap policy switch quick and easy.