What if you want to switch to another Medigap plan, but are you worried that you may get stuck with the new plan which you may not like as much as your previous plan? This is where the free look period of the Medicare Advantage Plan comes into play.
Before we delve into the free look period of Medicare Advantage Plan, let’s start with a brief summary of Medicare Advantage Plan Insurance (Medigap). As you know, Medicare Advantage Planal plans are offered by private insurance companies and are designed to close some of the Medicare coverage gaps i.e. some of your costs out-of-pocket, such as deductibles, co insurance, and co payments from Medicare Part A. You can get more information about Medicare Advantage Planal insurance.
How does the free look period of Medicare Advantage Plan work?
A free look period is a period that last for 30 days within which you have both your old Medicare Advantage Plan plan and the new plan. The free look Medicare Advantage Plan period allows you to try the new plan and see if it meets your coverage and customer service expectations before you decide to hold it. This free look period usually begins when you receive your new Medicare Advantage Plan plan.
Use the free Medicare Advantage Plan look period when you change plans
If you are satisfied with the customer service and coverage you obtain from your Medigap policy and you feel that the premium you paid is worth it, you do not need to take steps to extend your plan. Simply keep your Medicare Part A and B coverage and pay your Part B premium of Medicare (and, if applicable, your Part A premium) and your Medicare Advantage Planal insurance rate to maintain your year coverage year after year. If you are thinking of switching to another Advantage Planary Medicare plan, you can take advantage of the free Medicare Advantage Plan look period.
Get more information about the free look phase of Medicare Advantage Plan
Contrary to what the name suggests, the free look period of Medicare Advantage Plan is not free. Within this 30-day period, you will pay two premiums (in addition to your Part A and/or Part B): one for the insurer that provides your old Medicare Advantage Plan plan and the other for the insurer that will receive the new Medicare Advantage Planary plans.
As the end of the 30-day free look period of Medicare Advantage Plan approaches, you need to decide which of the two Medicare Advantage Plan plans you want to cancel. Should you cancel the new Medicare Advantage Plan plan, some states will permit you a refund of the premium you paid during the free look period. For more information, contact your State Health Insurance Plan (SHIP). If you are using the Medicare Advantage Plan free search period, you may want to mark your calendar so that you remember to cancel the policy you do not want after the end of the period. You may want to keep your old policy for up to 30 days after receiving the new one. After you have canceled the previous plan, usually you cannot reactivate it.