When Ruth and I had lunch, a couple of her friends joined us. Each had questions and/or concerns they wanted to talk about. If you had been a fly on the wall (ouch!), here’s what you would have heard.
Paula is turning 65, works and plans on continuing to work for the next two (2) years. She is covered by her employer’s group health insurance and pays a very low premium. Paula got a call from a telemarketer who told her she HAD to enroll NOW in Medicare Part B that would cost $148.50 a month. And enroll in a Medicare Supplement plan or she might be turned down later. She also HAD to enroll in a Medicare Prescription plan now or she would be charged a late enrollment penalty. Unfortunately, the telemarketer did not ask Paula about her current coverage and simply gave her basic information. Since Paula is covered on her group health plan and has “creditable” prescription coverage, she does not have to make any changes now. Before she retires and gets off the group plan, she will need to enroll in Part B and may enroll in a Medicare Supplement and Medicare prescription plan using a “Special Election Period”. She can enroll with no fear of being turned down or being charged a late penalty. Bailey has a dental plan through her employer. She said very few dentists accept the plan and the coverage does not provide the coverage she needs. She has lots of dental work scheduled and needs an “easier” plan to work with – a plan most dentists accept and provides the coverage she is going to need. Someone told Bailey if she changes plans, she will have a six (6) month waiting period during which she would be covered for cleanings and x-rays only. There are some dental plans that most dentists accept so it should not be an issue to find a plan her dentist accepts. Since Bailey currently has a dental plan, she may be able to have the six (6) month waiting period waived! When looking at other dental plans, Bailey needs to ask about the guidelines/timeframes she must follow so her waiting period is waived. All plans do not provide the same annual benefit or have the same deductible. Asking these questions will help her determine which plan meets her needs regarding her anticipated dental costs (her dentist office can probably give her an idea of her anticipated costs the next few years). Debbie lost her group health insurance plan when she quit work, became eligible for Social Security disability benefits, and enrolled in a Medicare Supplement plan. Debbie is turning 65 in October and wants to know if she can enroll in a different Medicare Supplement plan with a lower premium (a plan that is guaranteed with no medical questions). Yes, because Debbie has another “guaranteed issue enrollment period” when she turns 65. She is thrilled! Every person’s situation is different and unique to them Got questions? Call 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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