I just received notice that my Medicare Supplement plan premium is increasing . . . now what?
Yes, the Annual Election Period is over; however, that does not mean the opportunity for change is over as well. If you have a Medicare Supplement these types of plans can be written at any time and are not strictly limited to the Annual Election Period. The Annual Election Period is a period of time when you can shop and compare your current Medicare insurance plan to other plans that are available in your area and, if you determine a Medicare Advantage plan is the most appropriate, most affordable option for your insurance needs, you can enroll in a Medicare Advantage plan at that time. You can also shop and compare your Prescription Drug Plan with other plans available in your area during the Annual Election Period and again, if you find a plan that is more appropriate and more affordable, you can change your Prescription Drug Plan at that time.
However, Medigap plans (also called, “Medicare Supplements“) are not bound by the Annual Election Period and can be changed at any time throughout the year. Most Medicare Supplement rate plan increases do not occur during the Annual Election Period unless it is the anniversary of your Medicare supplement policy. What does this mean? This means that when you become aware of an increase in your Medicare Supplement plan premium you can shop around at any time throughout the year, not just during the Annual Election Period.
How do you know if there is a more affordable plan in my area?
A Medicare Pathways Benefit Specialist will assist you in finding the most affordable Medicare Supplement plan in your area, help you determine which plan will provide you with the most appropriate and most affordable coverage, and assist you in enrolling in the plan.
How do I Qualify for a Medigap Plan?
Typically, in order to change Medicare Supplement plans you must go through underwriting, which means you must be able to qualify to change plans. The Medicare Pathways Benefit Specialist will review the health questions that the insurance company asks to determine if you qualify to change plans. Don’t ever assume you cannot change or you do not qualify. Contact a Medicare Pathways Benefit Specialist to assist you in determining if you qualify to change Medicare Supplement plans. Remember, it is not the purpose of the Medicare Pathways Benefit Specialist just to make a sale, but to assist you with all of your Medicare insurance needs. In reviewing the health questions with you the Benefit Specialist will be able to determine if you qualify to change your Medicare Supplement plan rather than just sending you an application. Each Benefit Specialist will take the time to review the plan details, premiums, discounts (if applicable), cost-sharing (if applicable) and eligibility before proceeding with the application process.
I have an a Medicare Advantage Plan. Can I get a Medigap?
Additionally, if you enrolled in a Medicare Advantage during the Annual Election Period and you have decided you do not want to stay in the Medicare Advantage plan, there may be opportunities available for you to go back to a Medicare Supplement plan. Each situation is different. If you have decided you do not want to remain in a Medicare Advantage plan a Medicare Pathways Benefit Specialist will review your situation and advise you if you are eligible to disenroll from a Medicare Advantage plan and return to a Medicare Supplement plan.
Contact Medicare Pathways at 1-800-466-9118 today to review your Medicare insurance needs and options.
Medicare Pathways, Inc 1-866-466-9118