Can My Medicare Supplement Policy Be Cancelled?
A Medicare supplement policy is purchased to help cover the gaps in basic Medicare plans. Buying one of these plans gives individuals peace of mind knowing they have sufficient coverage for all their medical needs. Individuals rely on this added coverage and expect it to be there for them when needed. There are some cases that can cause these types of policies to be canceled and knowing them can help prevent that from occurring.
If You Stop Paying Premiums On Your Medicare Supplement Policy
Making sure monthly premiums are paid on time can ensure that the policy is there when needed.
If You Falsify Information
Being completely truthful on insurance applications will avoid this reason for cancellation. If an insurance company finds that the individual was not honest when applying, this gives them reason to cancel a policy.
If An Insurance Company Files Bankruptcy Or Goes Out of Business
When an insurance company dissolves their business or becomes bankrupt, your Medicare supplement policy can be cancelled. One way to reduce this risk is to do business with larger reputable insurance companies.
If Medicare Part A or Part B Coverage Ends
If Medicare Part A or B coverage were to cease, insurance companies can cancel an individual’s Medicare supplement policy.
If Permanently Moving From the Service Area
If an individual permanently moves from the service area and does not notify the insurance company, the company can cancel the Medicare supplement policy.
If You Misuse Membership Card
If an individual knowingly allows another individual to use their membership card the insurance company will cancel the policy as this is considered committing fraud.
If You Are Uncooperative During Treatment
Anyone who becomes unruly, abusive, uncooperative or disruptive that results from reasons other than medically related can be canceled if it interferes with their or another’s treatment.
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