When Ruth and I met for lunch, David joined us. Since David has moved back, he is rethinking some of his insurance.
David asked if he could change Medicare Supplement plans without having to answer medical questions. I asked him if he was on a group plan, and he said “kinda.” Well, “kinda” like being “kinda” pregnant? David retired when he had moved out-of-state. His employer provided a flat amount for him to use toward his Medicare Supplement plan (he is not on a group plan). David selected a plan, keeping in mind he was getting that check from his employer. He did not think about the premium/cost that he would have to pay if his employer stopped helping him or when the premium increased. His prior employer just notified him that they will stop helping/subsidizing his Medicare Supplement plan effective January 1. David said his Medicare Supplement that he purchased out-of-state has a higher premium than plans offered in Arkansas and that he needs to look at options. Now eight years since he enrolled in his Medicare Supplement plan and several medical conditions and procedures later... Can he change to another Medicare Supplement plan with a lower premium without answering medical questions (guaranteed issue)? Unfortunately, no. He may apply for a plan and answer medical questions, but based on his medical conditions and procedures he has had, the policy probably would not be offered. There is another option. He may apply for a Medicare Supplement plan that charges an extra premium for those with medical conditions. The policy will be issued, but we need to determine if the extra premium charged would be a savings for him. Another option is to consider a Medicare Advantage plan during the Annual Election Period October 15 through December 7. The policy would be issued and would cover his pre-existing conditions. Policies issued during the Annual Election Period are effective January 1, so this would coordinate with David losing check/help ($$) from his employer. Even though the Medicare Advantage policy would have a lower premium than his Medicare Supplement plan, he needs to compare the benefits it provides and make certain his doctors accept the plan. The good news for David is that he has options, and these options may reduce his monthly premium/cost. If David was still on a group plan, he might have an additional option. If his current coverage was “creditable” based on Medicare guidelines, he might be able to change to a Medicare Supplement plan without answering medical questions, which could have a lower premium. Details, right? Unfortunately, there are many variables. What you currently have determines the options to which you may change. If you think your premium is high, if your policy is not meeting your needs when you go to the doctor, or if you are just unsure, contact a certified, qualified agent. If you need some guidance, call me at 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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