“Are there instances where I could lose my Medigap Coverage?”
In the effort to maintain adequate coverage for their healthcare, seniors are concerned with the question of whether or not they could lose their Medicare Supplement coverage. Fortunately, there are few instances where this could be a possibility.
Specifically for those policies that were purchased after 1992, a Medigap insurer cannot drop you unless one of the following instances presents itself:
- You default or stop paying your monthly premium. If this happens, your insurer has the right to drop your health coverage.
- You falsified information on your application. If you have not been completely and entirely truthful on your application, your insurer may have the right to discontinue your coverage if they find out.
- If your insurer has grounds for and files for bankruptcy, they have the right to discontinue your health coverage.
Obtaining Medigap coverage after one of these instances has occurred may or may not be possible depending upon your individual situation. However, if your insurance company has gone bankrupt, you should have very little trouble in finding a new policy with another Medicare Supplement provider. Whether you were enrolled in Medicare Supplement Plan F or Medicare Supplement Plan G, the process of locating another Medigap insurer should be fairly effortless. Since Medicare Supplement policies are standardized, you can be sure that the benefits will remain the same when you purchase your policy through another company.