Reader Alert: 7 weeks to October 15th…Medicare’s Open Enrollment Countdown…
Dear Toni:
I recently received the renewal for my Medicare Supplement and the rate increase is not in my budget. It is over 15% and every year it seems to go up, but not as much as this year. I’m a 70 year old female with high blood pressure. I’m confused about changing companies. Heard I have to wait until Medicare enrollment in October. Can you please tell me what to do? Signed Cindy a loyal weekly reader
Hello Cindy:
You are not alone. I have heard from many of my readers that their Medicare Supplement insurance companies have had increases. Medicare’s Open Enrollment is only for Medicare Advantage plans and/or Medicare Prescription Drug plans and does not include Medicare Supplements.
I have talked to more people who want to change their Medicare Supplement and do not realize that they can change their Medicare Supplement whenever they want. No matter what Medicare Supplement you have, it can be changed any day of the year. In chapter 8 of my Medicare Survival Guide, I discuss Medicare Supplements as well as other options with Medicare.
The best time to enroll in a Medicare Supplement is during your guaranteed issued period. This period is the six month period that starts on the first day of the month in which you are 65 years and enrolled in Part B or if you are past 65 and enrolled in Part B for the first time, You do not have to answer any health questions because the Medicare Supplement company you pick must accept you no matter what your health situation is.
From what you have told me, I do not believe this is a guaranteed issue situation and that you will have to answer health questions and meet the insurance companies underwriting requirements. That being said, you may want to talk with a few Medicare Supplement companies to see which one you can qualify because of your health conditions and medications that you are taking. Sometimes changing is not that easy if you cannot meet the underwriting requirements.
Caution: You may apply to replace your Medicare Supplement policy at any time. Do not cancel your existing policy until you have been approved by your new insurance company.
Cindy, one Medicare rule that everyone should be aware because many are not happy with their rate increases from their current Medicare Supplement companies is…if you decide to change to a Medicare Advantage Plan during Medicare’s open enrollment (which starts October 15-December 7th) and you aren’t satisfied with the Medicare Advantage Plan, you have special rights to buy a Medicare Supplement policy if you return back to “Original Medicare” within 12 months of first joining a Medicare Advantage plan. You may be able to get the same Medicare Supplement plan back if the insurance company still sells that plan. If it isn’t available, you can buy another Medicare Supplement policy. (Please see page 66 of the 2013 Medicare & You handbook for more information about this rule.
Dear Toni:
I am trying to help my parents make decisions. I’ve heard that you have to have a power of attorney to discuss your parent’s healthcare with insurance companies. My dad does not want to give up the control. What can I do? Signed Samuel, Houston, TX
Hi there Samuel:
The only way that you can discuss your parents’ healthcare with an insurance company or any health care professional is by having a power of attorney on file with that insurance company. Let your dad know that you are not taking control, but if they lose the ability to make decisions for themselves, then it will be more difficult to get guardianship on both of them, but most of all it will cost them so much more than a simple power of attorney.
Toni King, author of the new Medicare Survival Guide, which is a simple guide that puts Medicare in “people” terms, is on sale at www.tonisays.com. Toni is an advocate/consultant for those “Confused about Medicare”. Email questions to www.tonisays.com/ask-toni or call 832/519-TONI (8664).
