Wellness

[Lindsays Grandma]

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@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.

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@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.  

[SilleeMee]

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?

[Lindsays Grandma]

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@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?

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@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.

[Carmie]

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)

[Carmie]

@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.

[SilleeMee]

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

[Carmie]

@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.