REWahoo
Give me a museum and I'll fill it. (Picasso) Give
I've seen a number of discussions lately on the forum about Medigap insurers "closing the books" and implementing large rate increases on policy holders going forward. Those policy holders may then be trapped and unable to pass the underwriting requirements to move to another carrier.
However, even if your health has taken a turn for the worse and you can't get through underwriting, is there a one-time loophole that will allow you to purchase a new Medigap policy under your guaranteed issue right? Note the following from Medicare.gov:
This strategy would require one to switch from a "closed book" Medigap policy to a Medicare Advantage plan, then during the 12 month trial period go back to a Medigap plan. It would also depend on the "closed book" company no longer selling policies in your state, allowing you to choose another (lower cost) insurer.
MBSC, is this a viable strategy?
However, even if your health has taken a turn for the worse and you can't get through underwriting, is there a one-time loophole that will allow you to purchase a new Medigap policy under your guaranteed issue right? Note the following from Medicare.gov:
You have a guaranteed issue right (which means an insurance company can’t refuse to sell you a Medigap policy) in these situations:
- You dropped a Medigap policy to join a Medicare Advantage Plan (or to switch to a Medicare SELECT policy) for the first time, you’ve been in the plan less than a year, and you want to switch back. (Trial Right)
You have the right to buy:
- The Medigap policy you had before you joined the Medicare Advantage Plan or Medicare SELECTpolicy, if the same insurance company you had before still sells it.
-If your former Medigap policy isn't available, you can buy a Medigap Plan A, B, C, F, K, or L that’s sold by any insurance company in your state
You can/must apply for a Medigap policy:
As early as 60 calendar days before the date your coverage will end
No later than 63 calendar days after your coverage ends
This strategy would require one to switch from a "closed book" Medigap policy to a Medicare Advantage plan, then during the 12 month trial period go back to a Medigap plan. It would also depend on the "closed book" company no longer selling policies in your state, allowing you to choose another (lower cost) insurer.
MBSC, is this a viable strategy?