- A guaranteed renewable policy is a type of insurance policy that
is guaranteed to be renewed by the insurer, as long as the policyholder continues to pay the required premiums. - Medicare Supplement Insurance (Medigap) policies are an example of guaranteed renewable policies. If a Medicare beneficiary has a Medigap policy, the policy is guaranteed to be renewed by the insurer as long as premium payments are made on time. This means that the insurer cannot cancel the policy due to any changes to the beneficiary’s health.
- It is important to note that guaranteed renewable policies may still be subject to certain limitations or exclusions. For example, a Medigap policy may not cover certain medical services or may have exclusions for pre-existing conditions. It is a good idea for a beneficiary to review the policy carefully to understand what is and is not covered, and to discuss coverage with their healthcare provider to ensure that they understand the treatment options and any potential out-of-pocket costs.
- If a beneficiary has any questions about their Medigap policy or about their Medicare coverage, it is recommended that they contact the Medigap insurer or speak with a Medicare representative. The beneficiary may also want to discuss their coverage with their healthcare provider to ensure that they understand the treatment options and any potential out-of-pocket costs.
