Deciding on The Right Medigap Plan for You
Part 3, Chapter 10: Medicare and Medicare Related Programs: Medigap and Secondary Health Insurance Policies Page 6
Continued from Previous Page
It's important to research the various Medigap plans care fully before making a decision. Current regulations guarantee a choice of plans to senior citizens only during the first six months after enrolling in Medicare: Part B. Although the rules differ from state to state, that guarantee generally refers only to senior citizens, not to individuals who are under the age of 65 and who are covered by Medicare as a result of a disability.
If you choose a Medigap policy and then decide that you've made an error, you generally have the right to cancel the policy within the first thirty days. In that case, you may receive a refund of premiums. If you continue the policy beyond that thirty day period, you can still cancel the policy at any point. However, if you cancel your Medigap policy after the first six months, there is no guarantee that you will be able to purchase the policy of your choice in the future.
Under current rules, if you purchase a Medigap policy and decide to continue it on a permanent basis, the insurer cannot generally cancel it as long as you continue to pay the premiums on time. However, that rule applies only to the new standardized Medigap policies, not necessarily to policies issued prior to 1992. If you have an older policy, you are not required to switch to a standardized policy.
Continued on Next Page
