I already have a Medigap policy. Should I consider changing it?

Many people ask us if they can improve their Medigap coverage. As a reminder, Medigap policies help to pay for the 20% of medical costs that Original Medicare doesn’t cover. For this reason, they are very popular.

In most states -- with New York and Connecticut as notable exceptions -- people have a single period of time in which they can most easily apply for a Medigap policy. This time period is called a “guaranteed issue window,” and it lasts for the six months after you sign up for Part B. If you sign up for a Medigap policy during this period, you cannot be charged higher premiums or denied coverage as a result of your health status. 

For this reason, many people don’t consider changing their Medigap plans after they initially enroll. However, in most states we are seeing a significant opportunity for people to improve their Medigap coverage. This is particularly true if you are enrolled in Medigap Plan F, which historically provided the most robust coverage among all of the Medigap options. 

Plan G is now the most robust option for people new to Medicare. Plan G is identical to Plan F with one exception: Plan G does not cover the Part B deductible (which is $226 in 2023). But in many states, we are seeing Plan G be significantly cheaper than Plan F—even much more than $226 cheaper. In some states, we are seeing this gap as large as nearly $500 per year. We often help people save hundreds of dollars per year in premiums by switching to Plan G or Plan N, which is another robust Medigap plan. 

In New York and Connecticut, people can change Medigap plans year-round and instantly capture these savings. In other states, however, people considering this change often wonder if they will pass underwriting. 

If you’re in that situation, we can help you to understand the underwriting process and the types of conditions that might cause a carrier to deny an application. And even if you apply for a new Medigap plan, you should never cancel your old Medigap plan until you know whether you have been approved for your new plan. We help people work through this process every week, and we’d love to help you as well.