![]() No matter the reason, if you wish to cancel your Medicare Supplement plan, you may. ![]() Or, if you are moving to another part of the country that does not offer your current plan, you may have to cancel yours before you sign up for another one. Others find that they do not need the added coverage because they are very healthy. Many people decide to cancel a Medigap policy because they have found another one that suits their needs better. Health care needs change with time, and what may have been a good insurance plan at one time, may become unnecessary at another. What are some reasons for canceling a Medicare Supplement plan? Make sure you discuss all the details involved with the termination of your policy. Some insurance companies offer a refund of unused funds if applicable. When you terminate your policy, in most cases it continues through the month that you have already paid. Depending on what company your provider is, they may ask you for a formal termination letter, or that you fill out a disenrollment form. When you talk to a representative of your insurance provider, they can inform you as to what steps to take to complete the process. You should inform them both in writing and over the phone. If you want to cancel your plan, you must contact the insurance company that provides the plan and inform them that you wish to drop it. How do you cancel your Medicare Supplement plan? Keep this in mind before making your final decision. ![]() Also, canceling your Medigap policy does not affect your Original Medicare benefits in any way.Ĭanceling, or disenrolling in a Medicare Supplement plan may be easy, but it may not be quite as easy to enroll in a new plan, or to re-enroll in the same plan at a later date. There is no disenrollment period and there are no penalties for canceling. If your health care needs change and you no longer wish to keep your current Medicare Supplement insurance policy, you can cancel it at any time. Here are some of the basics about canceling your Medicare supplement policy.Ĭan you cancel your Medicare Supplement plan? According to regulations, you have the right to cancel, but this does not guarantee that you will be accepted for coverage with another policy if you decide to sign up again. If you currently have a Medicare Supplement policy, or are considering getting one, you may be wondering if you have the right to cancel your policy at any time. All plans are different in what they cover, but they are standardized across the country. There are currently several types of Medigap policies available to purchase in most states. Medigap plans cover some of your out of pocket expenses like copayments, coinsurances, and some deductibles not included in Original Medicare benefits. The purpose of Medicare Supplement plans is to help Medicare recipients fill in the gaps that are left after Original Medicare, Part A (hospital insurance) and Part B (medical insurance), pay for your health care services. You can purchase one of several types of existing Medigap policies from participating private insurance companies across the country. For more information about Medicare including a complete listing of plans available in your service area, please contact the Medicare program at 1-800-MEDICARE (TTY users should call 1-87) or visit Medicare has neither reviewed nor endorsed this information.Over 14 million Original Medicare recipients in the United States also have a Medicare Supplement, or Medigap, policy. Each Blue Cross Blue Shield company is responsible for the information that it provides. ![]() To find out about premiums and terms for these and other insurance options, how to apply for coverage, and for much more information, contact your local Blue Cross Blue Shield company. Enrollment in these plans depends on the plan’s contract renewal with Medicare. Medicare Advantage and Prescription Drug Plans are offered by a Medicare Advantage organization and/or Part D plan sponsor with a Medicare contract. Plans are insured and offered through separate Blue Cross and Blue Shield companies. Viewing this Medicare overview does not require you to enroll in any Blue Cross Blue Shield plans. Medicare overview information on this website was developed by the Blue Cross and Blue Shield Association to help consumers understand certain aspects about Medicare. ![]()
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