Medigap, also known Medicare Supplement insurance, offers guaranteed renewal and issuance, however you only have one opportunity in most states to enroll.

Medigap Guaranteed Renewal

Guaranteed renewal means that your insurance company cannot cancel your policy regardless of your health condition. Medigap policies must offer guaranteed renewal.

Medigap Guaranteed Issuance

Guaranteed issuance means that your insurance company must enroll you in a plan regardless of preexisting conditions. In most states Medigap only offers guaranteed issuance during your Medicare Supplement Insurance initial enrollment period. This six month period is when you first become eligible for Original Medicare Part B, which generally starts the first day of the month you turn 65. There is also a special circumstance Medigap enrollment period that typically will allow you to enroll seamlessly without health records for such circumstances as your employer’s retirement health plan ends.

Besides these two enrollment periods most seniors who want a Medigap policy will have to undergo medical underwriting. If this describes your situation, our Instant Medigap Underwriting Checker can provide insight into whether you’ll be approved for medical underwriting, saving you time and worry. Contact Senior65.com for complimentary help at 800-930-7956 or leave a comment below.

Can a Medigap plan drop you?

It’s very unlikely. Medigap policies are set to renew every year automatically—even if your health changes. So once you’re in, you’re usually covered for the long haul.

That said, there are a few rare situations where you could lose your Medigap coverage:

  • You stop paying: Miss a payment? Your plan could be canceled.
  • You gave false info: If your application had incorrect or misleading info, the insurer could cancel your plan.
  • Your plan disappears: If the insurance company goes out of business or stops offering your plan (which rarely happens), you’ll be allowed to pick a new one—even if your health isn’t great.

💡 Senior65 Tip: The easiest way to avoid problems? Set up automatic payments (also called EFT). That way, even if you’re in the hospital or simply forget, your premium still gets paid. If there’s ever a problem—like insufficient funds—your insurer usually sends a paper bill and gives you about 30 days to take care of it. Bonus: many companies give you a small discount for using autopay!