Medigap Policies are Guaranteed Renewable

Insurance policies are very important to people that have conditions that they live with every day and must struggle to get through life with.  For these people some of the biggest fears in their lives have to do with losing their insurance coverage and this is where the government makes things easy.  All Medigap policies that are offered to Medicare users are guaranteed renewable, meaning few things can end your policy.

Here are the three ways that an insurance company can cancel your insurance policy:

1.            Material misrepresentation is a big “no-no” in any type of insurance coverage because of the need for truthful information.  If you don’t know, material misrepresentation is you submitting false information to an insurance company to get coverage, like lying about an illness prior to getting health insurance coverage.

2.            If you commit fraud on your Medicare or Medigap policy your policy could be cancelled due to the fraudulent information.  It is not acceptable to file claims for incidents that did not happen or events that have not occurred.

3.            Lastly, if you don’t pay your premiums you could obviously have your policy cancelled.  Your insurance coverage is provided in exchange for your premium, so no premium, no policy.

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