topic Re: THAT TIME OF YEAR IS NEAR... in Wellness

THAT TIME OF YEAR IS NEAR...

Lindsays Grandma — Wed, 09 Sep 2020 04:31:19 GMT

Have you guessed what it is? Open enrollment for health care. I decided to get started early this time around which I am hoping will save me a lot of unnecessary stress. I have received two quotes so far for my supplement coverage which look promising. Good luck everyone.

Re: THAT TIME OF YEAR IS NEAR...

Dinaki — Wed, 09 Sep 2020 05:33:45 GMT

You say health care, is it like a health insurance?

Re: THAT TIME OF YEAR IS NEAR...

Carmie — Wed, 09 Sep 2020 12:10:04 GMT

@Lindsays Grandma I was not aware that you could change supplemental insurance. I know you can downgrade it, but insurance companies can charge a penalty that will often make the downgraded insurance more expensive than the more comprehensive policy.

If you have supplemental insurance, you can change your Prescriprion insurance with no problem, and I think it is a great idea to at least check into it.

Advantage Plans are not supplemental insurance and they can be changed during open enrollment with no problems.

Re: THAT TIME OF YEAR IS NEAR...

RedTop — Wed, 09 Sep 2020 19:09:56 GMT

@Dinaki,

This only pertains to those 65+ on Medicare.

Re: THAT TIME OF YEAR IS NEAR...

Dinaki — Wed, 09 Sep 2020 19:13:06 GMT

@RedTop thank you dear for explainning it to me, now I know!

Re: THAT TIME OF YEAR IS NEAR...

hckynut — Wed, 09 Sep 2020 21:31:17 GMT

@Lindsays Grandma

Since part of my retirement package has to do with supplemental insurance, including prescriptions, it is time. We have specific time frames, going alphabetically, when we have to make choices. Mine is in early October.

One sure thing? Whatever I choose, it will cost more and cover less. When I retired it was free. That lasted for only 3 years, to 1994. I wasn't married then so today my supplemental includes my wife=more $$$.

Usually stick with same plan as it is more POS than the HMO. I prefer picking my own in-network physicians. HMO here virtually eliminated that choice for us.

Since SS increased, Medicare will cost more, no?

hckynut

Re: THAT TIME OF YEAR IS NEAR...

CelticCrafter — Wed, 09 Sep 2020 21:52:27 GMT

@Lindsays Grandma wrote:
Have you guessed what it is? Open enrollment for health care. I decided to get started early this time around which I am hoping will save me a lot of unnecessary stress. I have received two quotes so far for my supplement coverage which look promising. Good luck everyone.

Unless you are in your personal enrollment period, supplemental plans are not included in the annual open enrollment period like advantage plans are.

You are not guaranteed that you can replace your current supplemental plan with another supplemental plan.

You are asked health related questions and based on that information you can be turned down completely or charged accordingly. It's up to the company.

Re: THAT TIME OF YEAR IS NEAR...

I am still oxox — Wed, 09 Sep 2020 23:01:44 GMT

Hubby retired this year and our former insurance became our supplemental and it also has a great drug plan

Re: THAT TIME OF YEAR IS NEAR...

Carmie — Wed, 09 Sep 2020 23:31:23 GMT

@hckynut Medicare Part B is projected to go up $3.90 a month for 2021. It will cost $148.50.

Re: THAT TIME OF YEAR IS NEAR...

Lindsays Grandma — Wed, 09 Sep 2020 23:58:10 GMT

@hckynut ...All I can say is that every year once we reach the age of 65 and become members of Medicare, the cost for Part B usually increases. I have never opted for an HMO plan, I too prefer to choose my physicians. I watch the prescription drug plans carefully. The one I have is expensive, however, the cost for my prescriptions, depending on what is prescribed, usually costs no more than $4.00.

I remember when I had another plan which was not cheap by any meas, the cost for my two scripts cost close to $80 per month so now I pay more for a plan and less for the scripts. I have to laugh when my daughter tells me I am crazy for paying so much for my health plans so I just remind her when she is 65 she'll find out what it's all about.

Re: THAT TIME OF YEAR IS NEAR...

Lindsays Grandma — Thu, 10 Sep 2020 00:07:26 GMT

@Carmie wrote:
@Lindsays Grandma I was not aware that you could change supplemental insurance. I know you can downgrade it, but insurance companies can charge a penalty that will often make the downgraded insurance more expensive than the more comprehensive policy.

If you have supplemental insurance, you can change your Prescriprion insurance with no problem, and I think it is a great idea to at least check into it.

Advantage Plans are not supplemental insurance and they can be changed during open enrollment with no problems.

@Carmie ...I don't have an advantage plan, however, I do watch the Prescription Insurance very closely and have changed it in the past. I am not aware that we cannot change our supplement plan. It doesn't seem fair that should we find a plan that costs less while giving us coverage we desire, we are not permitted to change it during open enrollment.

Re: THAT TIME OF YEAR IS NEAR...

SilleeMee — Thu, 10 Sep 2020 00:36:37 GMT

Why can't you change your supplemental plan?? I just turned 65 this year and I chose one of only four plans offered as options (state government retiree). What if I don't like it?

Re: THAT TIME OF YEAR IS NEAR...

Lindsays Grandma — Thu, 10 Sep 2020 05:10:46 GMT

@SilleeMee wrote:
Why can't you change your supplemental plan?? I just turned 65 this year and I chose one of only four plans offered as options (state government retiree). What if I don't like it?

@SilleeMee .... It wasn't me who said we are not allowed to change our supplement plan, it was news to me too. I certainly will look into it.

Re: THAT TIME OF YEAR IS NEAR...

Carmie — Thu, 10 Sep 2020 05:20:13 GMT

You can downgrade your supplemental plan, but insurance companies can legally and do charge you more ( penalty) for supplemental plans once you are out of your personal Medicare open enrollment period, which is within 6 months of your Medicare Part B effective date. No upgrading allowed.

You are free to change plans by upgrading and down grading within this 6 months time period only.

What happens is that the downgraded plans will now cost you more than what you currently have. Most people can not afford to change plans and it doesn't make sense for them to choose a lesser plan for more money.

Each year between Oct and December, there is an open enrollment for Advantage Plan and RX plans. You are free to change your Advantage Plan and RX plan without penalty. You can also Change your Traditional Medicare Plan to an Advantage plan.

In addition, you can drop your Advantage Plan and pick up Traditional Medicare, but you probably would not be able to find a supplement that is affordable even an insurance company that will sell you one.

There are two important things you should do within your 6 months Medicare Part B effective date if you have Trafitional Medicare

1. Choose a supplement that will support you for your lifetime as it is almost impossible to change to a different one

2. Choose an RX Plan even if you feel you don't need it. You will be penalized at a really high fee for the rest of your life if you do not. You can always change your RX plan during open enrollment next year...just choose something, even if is the cheapest you can find.

If you choose an Advantage Plan, you may not be able to change to a Traditional and get a supplement ( there are exceptions based on some medical conditions)

Re: THAT TIME OF YEAR IS NEAR...

Carmie — Thu, 10 Sep 2020 05:29:57 GMT

@SilleeMee If you don't like your Plan, you can change it as long as you are in your 6 months open enrollment period.

Example...Medicare Part B effective date is June 1..... you have until Dec 1 to change it with no penalty.

You may or may not find an insurance company who will sell you a policy when this 6 month period has passed, but it will probably be cost prohibitive if you can find one.

Re: THAT TIME OF YEAR IS NEAR...

SilleeMee — Thu, 10 Sep 2020 11:13:47 GMT

Thank you for your explanation @Carmie . It was very helpful.

Re: THAT TIME OF YEAR IS NEAR...

Carmie — Thu, 10 Sep 2020 15:12:41 GMT

@SilleeMee If your coverage is through an employer or other group plan , the rules may be different for you.

I am referring only to supplemental plans available to the general public.