Do Medigap plans automatically renew?
Do Medigap plans automatically renew? Yes! But premiums may change based on a number of factors.
Medigap plans are federally regulated, much like traditional Medicare. You don’t typically need to worry about changes in provider networks or coverage, but premiums will change often, so it’s important to revisit your budget each year to ensure that your Medigap plan is still the best fit for you.
The great thing about Medigap is that you can always shop and change plans. You are not tied to specific enrollment periods like Medicare Advantage policies are. There are a few tell-tale signs that it may be time to re-shop your Medigap plan.
For instance, if you notice that you’re visiting the doctor or hospital more often, you may want to consider switching to a more comprehensive Medigap plan. Or, if your plan is attained age-rated (your premiums are increasing with your age), you can shop for another plan to find a lower rate.
What if you receive a Plan Non-Renewal Notice?
While most Medicare plans automatically renew, not all do. A Plan Non-Renewal Notice signals that your plan will be leaving the Medicare program in the upcoming year. That means your plan won’t auto-renew and you’ll need to choose a new plan in order to maintain coverage.
Any plan that intends to make changes during the upcoming calendar year must send you a letter to that effect by October. The reason for this timing is that the Medicare Annual Enrollment period goes from October 15 to December 7 each year. If your plan will stop, you can use this time to enroll in another plan or plan type.
Medicare Supplement Plan Shopping
Shopping for Medicare Supplement Insurance is unique. It is both very easy and very time-consuming.
It’s easy because all plans are the same across carriers. That way, once you decide which of the ten plan types is best for you, you can compare prices apples-to-apples However, this is a time-consuming process because you’ll have to visit a variety of different insurance carrier websites, fill out forms, and get in contact with multiple sales agents to collect price data to compare.
Luckily, United Medicare Advisors has created a simple way to shop and compare Medigap plans! Our Licensed Insurance Agents do not work for any carriers and they are not compensated based on which carrier you choose. That means you can get truly independent advice, compare plans across multiple carriers, and start enrollment in one simple call. Save yourself hours of research and find the best Medigap plan for you by simply calling us at (855) 665-9200. Or, if you’d like us to call you, fill out the form on our homepage.