Did you know you may not be able to switch Supplement plans?
We have many people come to us years after making their decision without our guidance. They come to us for help because they realize they are in the wrong Medicare program or in the wrong supplement plan.
But for most of them they aren’t able to change plans because of the guaranteed issue rules.
Don’t make the same costly mistake they did!!
Because of insurability rules with Medicare, you have a small 6-month window where you can pick any Supplement plan and you are guaranteed issuance. This means an insurance company cannot turn you down or charge you more for pre-existing conditions.
But once this window closes, you are no longer able to join a Supplement plan without providing health backgrounds. So after the 6-month window companies can refuse you coverage based on preexisting conditions or can charge you more.
The only way you can change plans after your initial window is under the “Trial Right” or “Guaranteed Issue Right”.
Guaranteed Issue Rights encompass more than an opportunity to obtain supplemental coverage. Medicare Supplement Insurance providers are required to cover pre-existing conditions, and to do so without charging a higher premium.
There are a few situations you can qualify for Guaranteed Issue after your 6-month window and in addition to your “Trial Rights”.
For example, in the event that your current Medigap insurance provider goes bankrupt, or your coverage ends through no fault of your own, you can apply for a supplement with another company using Guaranteed Issue Rights.
You should keep all documentation should this be the case, as it may be required of you to prove your GI status.
You have the right to leave your current Medicare Supplement insurer if they do not follow the rules set forth by the Centers for Medicare and Medicaid Services, or if they have misled you.
Again, keep any documentation to support your claim.
Because Guarantee issue status is only issued in the situations, it is IMPERATIVE that you chose the right plan when you first join Medicare in case you become uninsurable.
Be sure the plan you choose covers your medical needs at a level that is acceptable to you, and that you are comfortable with the premium amount.
So as you make your Medicare Supplement decision, ensure you pick the right plan and pick the right provider to get the best coverage at the lowest cost. And if you decide to join Medicare Advantage, don’t expect to later join Original Medicare because you may not be able to get a Supplemental plan
If you have questions on making your Supplement decision, email me at larry@mymedicarecoach.com
Larry
PS: You can change your prescription plans each year even if you are uninsurable, so there are options to move. But changing Medicare Supplement Plans requires you to qualify for “Trial Rights”, Guarantee Issue
