Seniors, can we talk?
“Is that commercial really true?” Ruth said when she walked into my office. “The commercial that says you can enroll in a Medicare supplement plan any time. And you can change plans any time and maybe reduce your cost.” Yes, that is true. But, “the devil is in the details”. You can enroll in a Medicare supplement plan any time but you may have to answer medical and tobacco questions and you may be denied coverage or charged an extra premium. When is a Medicare supplement plan “guaranteed to be issued” and when do you have to answer medical questions? This is confusing because it depends on your situation. In fact this is one of the most commonly asked questions by Medicare beneficiaries. The best time to enroll in a Medicare supplement policy is during your open enrollment period. This starts six (6) months after you’ve turned 65 and enrolled in Medicare Part B. You must be BOTH. No medical questions can be asked and you cannot be asked if you use tobacco. You can enroll in any plan offered regardless of your health. Your premium will be the same if you chew tobacco and just had bypass surgery or if you have never used any tobacco and don’t take any medication. If you decided to work after you turned 65, you may have stayed on your employer’s group health insurance plan. (In this case, you didn’t need to enroll in Part B and didn’t need to pay the cost of Part B.) Now you’re 71, retiring and getting off your employer’s group health insurance plan. First you’ll need to enroll in Part B. Then you’ll be eligible to enroll in any Medicare supplement plan – guaranteed. (And you’ll probably want a Medicare prescription plan, too). If you enrolled in Part B when you turned 65, your timeframe and options are different. You only have 63 days from the time you lose your employer’s group health insurance plan to enroll in a Medicare supplement plan. Then you can only enroll in Plan A or F. To enroll in a different Medicare supplement plan, you’ll have to answer medical and tobacco questions. And, yes, you may be denied coverage. Are there any exceptions? Yes, depending on the group health insurance company you were on through your employer (Call me and I’ll tell you more.) Ruth said she overheard a man saying what he’s paying for his Medicare supplement plan – it’s a lot more than what Ruth’s paying. Can he change plans to one with a lower premium? Typically, he’ll have to answer medical questions and may or may not be accepted. Yes, there’s an exception to that too! What about changing companies to get a lower premium? Yes, that’s an option BUT it’s not guaranteed. Make certain you provide very specific information when asking about your Medicare supplement options. Want to talk about you and your options? 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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