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Losing Medicare Supplement Insurance - Find Alternative Plans
If you are losing a Medicare Supplement Plan, there are several options that you can take. First, it depends on the exact reason you are losing Medicare Supplemental Insurance. If you are losing coverage through no fault of your own (involuntarily), you might qualify for a "guarantee issue period", in which you will have the right to purchase a new policy without answering any health questions. If you are losing supplement coverage because you terminated the policy on your own (voluntarily), then you will most likely have to answer health questions in order to purchase a new Medicare Supplemental Insurance policy.
There are usually not many different reasons as to why people are losing Medicare Supplement Plans. The most common reason is the plan stops offering insurance, or possibly goes bankrupt - not as likely. Some senior citizens do not know that Medicare Supplement Plans are accepted nationwide, and the policy will follow you where ever you travel/move to (within the U.S.), so people will terminate coverage and purchase a new policy if they move to another state of residence.
Although you can keep your policy where ever you move, it is still a good idea to compare rates for the new location that you are moving to, because your current insurance company might not be as competitively priced as the other insurance companies in that state.
If you have questions on losing Medicare Supplemental Insurance, or would like to see what plans and costs are available for your specific situation, please call us at (855) 419-3826, and a Medicare Advisor will help you understand your options.
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