Sometimes you need to live on the wild side, right? This month Ruth and I opted out for lunch and had a fabulous dessert full of calories. Yes, this was a special treat for a special occasion – my birthday.
We saw a customer of mine, Diane, who said she was getting ready to call me. Her existing Medicare Supplement premium had increased, and she wanted to talk about options to get another Medicare Supplement plan with a lower premium. When I returned to my office, I called Diane. She told me she had Plan F and the premium was about $276 a month. I reminded Diane that there is no open enrollment period to change Medicare Supplement plans and that she would have to answer medical questions. The insurance company would review her medical history and the prescriptions she takes to determine if they would offer her a plan. Diane said she is healthy and wanted to go over the medical questions that would be asked. After I asked her all the medical questions, I told her it appeared that she would be eligible but the only way to know would be to complete an application and send it to the insurance company. I reminded Diane that she needed to keep her existing policy until this process was completed and a new policy was in effect. (Diane has nothing to lose by applying because she already has a policy that she can always keep.) Diane said she knew I could not recommend a plan to her but wanted to know which plan most people enroll in. It appears that most enroll in Plan G. What’s the difference in Plan G and Plan F that she has? The difference is Plan G currently has a Part B deductible of $240; Plan F does not have that deductible. Then why consider a plan with a deductible? Her potential savings in premium could outweigh paying the deductible. For example, she is currently paying $278 a month for Plan F. Based on where she lives, the Plan G premium is around $170 -180. This is a potential savings of about $98 a month and about $1176 a year. She can pay the lower premium plus the Part B deductible and still save over $900 a year. Diane decided to complete the paperwork applying for Plan G, in hopes she qualifies for the lower premium. We completed the paperwork and submitted it to the insurance company. Wonderful news! Diane was accepted! She is thrilled she’ll be saving about $900 a year. A vacation may be in her near future. Diane’s sister just moved to Arkansas. Even though this move does not qualify as a Special Election Period for a Medicare Supplement, we are still going to review her plan. Do you think you may be paying too much for your Medicare Supplement plan and are in good health? Let’s check it out. Just 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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