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Losing or dropping Medigap Plans

Posted in Medigap Plans

If someone wants to drop his or her Medigap policy, they must contact their insurance company to cancel.

If you are losing Medigap insurance, in most cases, your Medigap insurance company cannot drop you because the Medigap policy is guaranteed renewable policy.

This means your insurance company cannot drop you unless one the following occurs:

  • The insurance company becomes bankrupt or insolvent
  • You stop paying your premiums
  • You were not truthful on your Medigap policy application

If you purchased your Medigap policy before 1992, if might not be guaranteed renewable, which means the Medigap insurance company can refuse to renew the Medigap policy, as long as it gets your state’s approval to cancel your policy.

If this happen, enrollees have the right to buy another Medigap policy.