Ruth, Betty and David reviewed their prescriptions plans during the Annual Enrollment Period that just ended. I hope you did, too. If you did not review your current prescription or Medicare advantage plan your next opportunity is October 15 through December 7, 2016.
During this enrollment period some of Ruth’s friends asked about reviewing their Medicare supplement plans. They were interested in a different Medicare supplement plan with either more coverage/benefits and less out of pocket expenses when they go to the doctor or hospital or a lower premium. Since this enrollment period did not apply to Medicare supplement plans, changing plans was not guaranteed. If you already have a Medicare supplement plan like Ruth, Betty and David, you will have to answer medical questions to change plans and you can be accepted or declined. Once accepted your new plan will cover medical conditions you have now. If you’re thinking about changing plans, make certain that you compare not only premiums but the benefits. And make sure you don’t cancel your existing policy until the new policy is approved and in effect. These enrollment periods can be really confusing. There are actually three (3) different enrollment periods. The Annual Enrollment Period that we just finished which is October 15 through December each year. There’s also your Open Enrollment Period. This is the best time to enroll in a Medicare supplement policy because it is guaranteed. It is a one-time 6 month period. The clock starts ticking on the first day of the month that you are both 65 or older and enrolled in Medicare Part B. (You must also be enrolled in Medicare Part A.) and Part B. You are guaranteed that your policy will be issued and no medical questions can be asked! Not sure if you have Medicare Part A and Part B? Check your Medicare red white and blue card – it’s shown there. There are also Special Enrollment Periods when you can get a Medicare supplement plan without having to answer any medical questions. One of these is when you leave an employer group health insurance policy. For example Ruby is getting off her group health insurance plan February 1. She has 63 calendar days after her group coverage ends to apply for a Medicare supplement policy with no medical questions asked. Another Special Enrollment Period has to do with enrolling in a Medicare Advantage plan when you were first eligible. If during the first 12 months that you have the Medicare Advantage plan, you decide you don’t like it and want to go back to Original Medicare. You have a Special Enrollment Period of 63 calendar days after your Medicare Advantage plan ends or 60 calendar days before your plan ends to enroll in a Medicare supplement plan – guaranteed. (Sometimes this enrollment period is extended to 24 months.) There are lots of enrollment periods. If you’re not sure which enrollment period applies to you, 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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