Medicare Supplement Choice - Think I made a serious mistake!

[ForestWolf]

After a very involved search for Medicare supplements in Plan N, G, and G* (high deductible) and an approaching deadline for another expensive payment for my very overpriced current G policy, I think that I made a very bad decision today. I purchased a G*high deductible through a broker.

While I like the concept & idea of G* and they would have served me very well when I was younger, I suddenly realized that my chances of ill health are much greater as I age even though I'm in very good shape now and take care of myself. I should have at least gotten an N plan or the G plan.

My question is -- can I call the broker early tomorrow to cancel this new policy?

Thanks for your help. Feeling very anxious about the situation.

[ehh]

On March 8 you started this thread viewtopic.php?t=399502

In the initial post you stated regarding Medicare Supplemental Plan G HD

I do have an untouched (so far) a Health Savings Account (HSA). Am in good health so far though I realize that could change. But seems like even with a few bad years where I might reach $2700, premium savings could be significant.

Several people took time over the past few days to explain Medicare Supplemental G HD, the pluses, and the minues.

Now, in this thread thread, you say

While I like the concept & idea of G* and they would have served me very well when I was younger, I suddenly realized that my chances of ill health are much greater as I age even though I'm in very good shape now and take care of myself. I should have at least gotten an N plan or the G plan.

I don't understand the conflicting statements/actions.

[dbr]

My question is -- can I call the broker early tomorrow to cancel this new policy?

You can call the broker and find out what can be done.

As far as I know any medical insurance policy can be cancelled at any time. What you will have after you do that is a different question. Do you mean you still have a different Medigap policy or that you will now need to make a different choice to buy. You will have to ask if you are still in the enrollment period, whether you will need medical underwriting or what.

The use of a broker is to assist you through these things.

[ekid]

Sounds like OP is asking about "right of rescission".

Does it apply here?

[LookinAround]

Call the broker. You have 30 days "free look back period". Don't cancel your old policy yet. As I recall you pay both premiums that one month but after cancelling the new policy you get your money back. Took me one or not two billing cycles to get $ back)

From medicare.gov
https://www.medicare.gov/supplements-ot ... p-policies

How to switch Medigap policies
Call the new insurance company and arrange to apply for your new Medigap policy. If your application is accepted, call your current insurance company, and ask for your coverage to end. The insurance company can tell you how to submit a request to end your coverage.

Medigap free-look period
You have 30 days to decide if you want to keep the new Medigap policy. This is called your "free look period." The 30-day free look period starts when you get your new Medigap policy. You'll need to pay both premiums for one month.

Don't cancel your first Medigap policy until you've decided to keep the second Medigap policy. On the application for the new Medigap policy, you'll have to promise that you'll cancel your first policy.

[tj]

After a very involved search for Medicare supplements in Plan N, G, and G* (high deductible) and an approaching deadline for another expensive payment for my very overpriced current G policy, I think that I made a very bad decision today. I purchased a G*high deductible through a broker.

While I like the concept & idea of G* and they would have served me very well when I was younger, I suddenly realized that my chances of ill health are much greater as I age even though I'm in very good shape now and take care of myself. I should have at least gotten an N plan or the G plan.

My question is -- can I call the broker early tomorrow to cancel this new policy?

Thanks for your help. Feeling very anxious about the situation.

Expensive payment for an overpriced policy? I thought you got the G HD. Did you not use United American?

[ForestWolf]

Thank you for your replies.

I simply panicked after realizing that if my health drastically changed for the worst, I'd never be able to get a G or N policy.

Perhaps it was the timing of a very close relative undergoing a lung PET scan. He is a heavy smoker. Something quite suspicious found, so soon he will have to have a biopsy of area.

No, I don't smoke and never have. Really try to take care of myself, but of course, that is no guarantee. Few guarantees in life, try to make the best decisions and go forward.

Also, it occurred to me that if I did become "stuck" in a G* plan, it might be difficult to keep up having with simple billing and payment matters if I became cognitively impaired.

Am going to decide my course of action this week-end, hope for the best, and move forward.

[stlrick]

Look at the monthly premium in the plan G and the high deductible plan G, and calculate what you are saving each year in premiums by using the high deductible plan. Then compare this yearly savings to the maximum increased out of pocket cost from the high deductible plan. You will see that this is much ado about nothing.