Medicare Supplement Premiums are Out of Control! When Can You Change Plans?

On this episode of Medicare Moments with Toni King, Toni answers a question from Carol, a married 70-year-old whose husband is undergoing treatment for cancer while she is in good health. Their Medicare problem? Carol’s Medicare Supplement Plan F premium increased by 20 percent! Now Carol and her husband aren’t sure if they can afford the plan and don’t know how to make a change.

Here’s what Toni says!

Medicare Supplement Premiums are Out of Control! When Can You Change Plans?

I have good news for you. You do not have to wait until Medicare’s Annual Enrollment to change your Medicare Supplement insurance company. You can change your Medicare Supplement at any time during the year! Medicare’s Annual Enrollment Period is a time to change your Medicare Advantage plan or Medicare Part D Prescription Drug plan.

The Medicare Supplement renewal increase is more than the public was expecting for plans C and F. Back in 2015, Congress passed legislation called the “Medicare Access and CHIP Reauthorization Act” (MACRA) to help the medical industry by correcting the “Doc Fix” proposal. MACRA also updated Medicare Supplement’s plans C and F which began on January 1, 2020. So, that’s when the Medicare Supplement plans C and F increases began.

When Can You Change Medicare Supplement Plans?

If you have been enrolled in Part B longer than 6 months and you want to change your current Medicare Supplement plan, you must answer health underwriting questions regarding current and past health issues.

You have the option to change from your current Medicare Supplement Plan F to a different Medicare Supplement company or a different type of Medicare Supplement, such as Plan G or N. Both you and your spouse must qualify by answering medical underwriting questions to change Medicare Supplement plans. 

If you cannot qualify because of a health issue, then another option may be to search for the right Medicare Advantage plan to fit your medical needs. The only catch to making a change to a Medicare Advantage plan is that you must wait until the Medicare Annual Enrollment period which begins October 15^th and goes through December 7^th every year.

Related: What Happens If I Chose the Wrong Medicare Advantage Plan?

Below is what Medicare Supplement Plans G and N offer to change from Medicare Supplement Plan F:

• Medicare Supplement Plan G: offer lower rates and the same Medicare benefits as Plan F except the Medicare Part B deductible is not covered and will be paid for by the enrolled Medicare beneficiary. Part B deductible for 2023 is $226.
• Medicare Supplement Plan N: generally, has lower premiums than Plan G with generally more out-of-pocket. There is a $20 co-pay for a doctor’s visit with a $50 co-pay for an emergency room visit. The Part B deductible is not covered, and Part B excess charges are not paid for by the insurance company which Plan G includes.

Medicare Survival Guide Advanced Edition

Order Medicare Survival Guide Advanced

What You Don’t Know Will Hurt You!

Turning 65 in America is a milestone and one of the markers is enrolling in Medicare. But the system is so complicated, and there is a lot of false information out there.

In Toni King’s Medicare Survival Guide Advanced: Basics and Beyond, Toni gives you the critical steps you need to enroll in Medicare properly. Toni shares various situations that she has experienced with her many clients during Medicare consultations, and gives you the information and tools you need to enroll on time to avoid the “famous” Medicare Part B and D penalties.

Medicare Survival Guide Advanced helps you understand Medicare step by step…

Learn How to Enroll the Correct Way
• Still Working Past 65
• Turning 65
• VA Benefits
• Laid-off or Retiring

What Medicare Option Is Best for You
• Medicare Supplement vs. Advantage
• Losing Retirement Benefits

How to Avoid
• The Donut Hole
• Part B Penalties
• Part D IRMAA Penalties

If you are enrolling in Medicare and are confused by the commercials and telemarketers, or from the information that well-meaning friends or family members give, let Toni guide you through the maze of Medicare. Order TODAY!