Medigap and the Free Look Period

You will always have a period of time that you can switch back to an old Medigap policy if you are trying a new one. You will still have to pay for the premium for the days that you used the policy, but you have the option of checking out the coverage. When you sign up for your Medigap policy it all starts with one little promise.

You have to commit to cancelling your old Medigap policy if you are signing an application for a new Medigap policy. Keeping that promise will have to happen regardless of your decision of going old or new. Along with this promise you will be committing to cancelling within 30 days of starting the policy.

This is referred to as the free look period, again not because there is no cost, but because you can carry two policies at once. Premium payments will be required by both policies while the free look is in progress. If you are good and have no problem with making decisions this won’t be a problem.