How to Cancel Your Medigap Policy Without Losing Coverage

If you're looking to cancel your Medicare Supplement (Medigap) policy, the process itself is straightforward - but the timing is critical. A Medigap policy is a component of the Traditional Medicare path, designed to fill the gaps left by Medicare Part A and Part B. Because benefits are standardized by federal law, the coverage you have is reliable, but there are valid reasons you might want to drop it, such as switching to a different carrier for a better rate or moving to a different state.

Before you pick up the phone to cancel, you need to understand the risks. If you cancel your Medigap policy without having another one lined up, you could be exposed to significant out-of-pocket costs. Worse, if you don't have a guaranteed issue right, you may have to pass medical underwriting to get a new policy later. This means an insurance company can look at your health history and either charge you more or deny you coverage entirely.

The golden rule of canceling a Medigap policy is this: Never cancel your current policy until your new policy is officially approved and in effect.

When you apply for a new Medigap plan, the application will ask if you are replacing an existing policy. You will sign a Notice to Applicant Regarding Replacement of Medicare Supplement Insurance. This document protects you by ensuring you understand what you are giving up and what you are getting. Once your new policy is approved and you have your start date, you can contact your current carrier to cancel the old policy.

If you're considering canceling because your premiums have gotten too high, let us help you compare your options. We can walk you through every option available in your area and see if you can get the exact same standardized coverage for less. Compare free, no obligation.