Guaranteed Issue Supplement to Medicare
Today we received a call from a man in Louisiana looking to replace his Medicare Supplement. He was in decent health overall but he had some health conditions with his heart that he had experienced over the past few years. Due to the heart condition there were not any Medicare Supplement Plans that would accept him (except for a guaranteed issue Medicare Supplement).
His premium had increased from $98.66 a month with Mutual of Omaha to over $325 a month in 6 years. Needless to say this Medigap premium was no longer affordable and he had to make a change. We told him about an option that was very similar to a guaranteed issue Medicare Supplement year round. This plan is a group retiree medical plan that is written under Benefits Association, Inc. on a group basis.
The premium for this plan was roughly $225 which meant that he was saving $1,200 a year, while he still had no Part A or Part B deductibles, no co-insurance, excess charge coverage and foreign travel emergency care. Mr. Jones (name changed to protect the innocent) was extremely happy with the savings and the coverage that he received through his Benefits Association plan.
Medicare Supplement plans tend to receive rate increases especially since most states and carriers rate their policies with attained age rates – meaning they can go up each year on your birthday plus whatever the State Department of Insurance allows them to go up because of their losses. It is crucial to check your quotes every several years to make sure you are not paying too much and if you cannot qualify due to pre-existing conditions the BAI Guaranteed Issue Medicare Supplement Plan is a great plan to consider for your health insurance coverage.
Mr. Jones thanks for being the perfect example of why you should not let health conditions slow you down from checking on your Medicare insurance options.