Somethings Are Worth The Wait--Spring Flowers In Bloom & Switching Medigap Policies When There Is A Pre-existing Condition

Somethings are worth waiting for such as seeing spring flowers in bloom after a long chilly winter or enjoying a bright sunny day after going through a storm. In the workplace, employees enjoy receiving employer paid benefits like Group Life Insurance and Group Short-term Disability Insurance after satisfying the required waiting periods. Retirees have the option to switch a current Medigap plan to a different Medigap plan, if a waiting period is satisfied under the following situations:

1. If your current Medigap policy is less than 6 months, and you want to switch to a different Medigap Policy, you may have to wait up to 6 months before your new policy covers your pre-existing condition.

2. In some situations, a partial waiting period may be required. For example, if you had your current Medigap policy for 4 months, and you switch to a different Medigap policy with the same benefits, you will have a 2-month waiting period for your pre-existing condition under the new Medigap policy.

3. If your current Medigap policy has a benefit that is not covered under your new Medigap policy, you may have to wait up to 6 months before the benefit will be covered under the new Medigap policy.

Please note, if your current Medigap policy is longer than 6 months and it has the same coverage as the new Medigap policy, you will not have to satisfy a waiting period or be denied coverage for your pre-existing condition under your new Medigap policy. Therefore, the insurance carrier cannot write on the new replacement policy the following: pre-existing conditions, waiting periods, elimination periods, or probationary period.

We hope this post is helpful to you. Contact Benefits-4-Retirees if you want a Medigap, life insurance or other insurance policy. These policies provide protection for you and your loved ones.

"We must let go of the life we have planned, so as to accept the one that is waiting for us."  ~ Joseph Campbell

Resources:

• 2024 Choosing a Medigap Policy

• BrainyQuotes