Dear Toni:
I’m concerned about changing our Medicare Supplement plan that we have had for about 5 years since we first got on Medicare. Last week, we received a pretty good rate increase. This is not in our budget and everything just seems to go up every year.
We are on a fixed income and my husband is concerned we are going to outlive our savings. I thought now is the time to only change to a Medicare advantage plan. Could we make a change from our Medicare supplement to another Medicare supplement or what?
We really like the freedom of going to what doctor we want? We need help on deciding what our best option is? Shelly from Deer Park, TX
Hello Shelly:
I have good news for you and all of my readers that many of the Medicare supplement/medigap insurance companies are giving nice rate decreases for certain Medicare supplement plans. One specific Medicare supplement company is giving a 14% rate decrease. I did not say increase…I said decrease. I personally have not seen this happen in a long time!!
Medicare supplements also known as Medigap policies work directly with Original Medicare. The Medicare supplement is known by its specific letter such as Plan A,B,C,D,F,G,K,L,M,N. All plans offer basic benefits with some plans offering additional benefits. It seems that Plans F and G offer the most benefits.
As you know Shelly the best time to purchase a Medicare supplement policy is when you are first turning 65 and enrolled in Part B or when you are retiring past 65 and have just enrolled in Part B for the first time. During this time, known as Medigap open enrollment, you will have a 6-month enrollment period beginning the first day of the month where you will have a guaranteed issue period and not have to answer medical questions.
After this special enrollment period, your option to buy a Medicare supplement policy maybe limited or it can cost you more due to qualifying for health conditions.
Shelly…No matter what Medicare Supplement company that you have, it can be changed any time during the year. The Medicare open enrollment period which is from October 15th to Sunday, December 7th is the only time that a Medicare beneficiary can change and/or enroll in a Medicare Part D prescription drug plan or that they can change and/or enroll in a Part C Medicare Advantage plan that may or may not have a Medicare Part D prescription drug plan. Confusing I know but it is a Medicare rule.
Because you will have to answer health questions, you may not qualify medically for a Medicare supplement policy with lower premiums, but you never know unless you try!!
If you cannot meet the underwriting requirements, then it may be best to keep the policy your have or change to a Part C Medicare Advantage plan. Email me if you need any specifics about your situation at www.tonisays.com/ask-toni. I can help guide you through the underwriting process.
Caution: You may apply to replace your Medicare Supplement insurance policy at any time. However, do not cancel your existing policy until you have been approved by your new Medicare supplement insurance company.
Toni King is the author of the Medicare Survival Guide which is available only at www.tonisays.com . Toni is an advocate/consultant for those “Confused about Medicare”. Email questions or to consult or make an appointment with Toni and her team about your Medicare needs to www.tonisays.com/ask-toni or call 832/519-TONI (8664).
