What If I Can’t Afford Premiums On Medicare Supplemental Insurance?
A person with a Medigap plan who is facing financial hardships may wonder what happens if he or she cannot afford to pay his Medicare Supplemental Insurance Plan premiums. Because the supplemental plans are usually run by a third-party insurance agency that contracts with the United States government, the inability to pay premiums works differently.
What Happens If I Can’t Afford Medicare Supplemental Insurance Premiums
Any insurance company that does not receive premiums from a customer it covers eventually cancels the policy for non-payment. Most insurance companies wish to avoid the cancellation of a policy as much as the policy holder does. If a person cannot afford to pay Medicare Supplemental Insurance Premiums, one of the first things he should do is contact the agency that issues the policy and see if the company will work with him. No business wants to lose a customer if it can avoid it. Sometimes, keeping a Medigap supplemental insurance policy may require an individual to lower his level of coverage.
What If an Insurance Company Won’t Work With Me?
If neither the client nor the insurance company can reach an agreement, there are two options. The first works if a short-term financial setback caused the inability for the client to pay the Medicare Supplemental Insurance premiums. Pay a smaller amount or skip a payment but make sure to make the required payment as soon as possible. If the inability to pay the premium results from a long-term problem, the best option is to cancel the policy and to apply for help from a state Medicaid program in the case of an extreme medical emergency. As long as a person plans ahead, he or she does not need to worry too much about not being able to afford Medicare Supplemental Insurance Premiums. Unforeseen circumstances may require an individual to change his coverage level.
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