Ask The Medicare Specialist

Can I change from one Plan N to another company’s Plan N anytime or just during the Annual Enrollment Period?

I received a mailing that led me to believe people who are 68 can apply for a part B discount. Have you heard of this?

I included two questions today because the answers are shorter than usual.

Yes. You can move from any Supplement letter plan including N to N, or company all year round. It’s not limited to the Annual Enrollment Period (AEP) that runs from October 15^th through December 7^th.

I don’t think there’s a topic I’ve written more about in the past year. Too many people are overpaying for their Supplement. I pointed out last week that the starting cost for Plan N from one company to another can be $100/month more for the same exact coverage that provides access to the same exact doctors and hospitals.

If you didn’t buy your Supplement from The Health Insurance Store, you need to reach out to inquire about changing letter plans or companies. Don’t wait and don’t be afraid of moving from Plans C, F or G!  Average annual premium savings are between $1,000 to $4,000. And due to how Supplements are regulated, changing to a new company or letter plan CAN NOT and WILL NOT result in any difference in coverage or thousands of dollars in additional medical expenses, common misconceptions.

This is a perfect example of why you should never respond to any advertisement you get in the mail or see on TV.  Almost all Medicare advertising is misleading, and sales tactics are often unethical and even illegal. You should also never listen to so-called advice from anyone who isn’t an experienced and licensed agent or engage in a phone conversation if someone calls you unsolicited. I’ll never forget a particular client who called an 800# she saw on TV and was lured into changing from her plan that cost around $25/month to one that was $0 and provided a $50/month Part B refund. About three months later she had her Pacemaker replaced. This surgery would have had a co-pay of only $200 with the plan I had recommended. The plan some scoundrel from California convinced her to enroll in had coinsurance of 20% for the same procedure and her bill ended up over $5,000.

I’m glad Terry reached out to me for clarification before taking any action. I want all our readers to know you can call our office or email me with questions like this anytime, even if you’re not a current client. I’m not exaggerating when I say there’s almost never a day that goes by where at least one of our agents doesn’t hear from someone who was taken advantage of or got bad information.

There are only two ways to reduce or eliminate Part B premiums, neither of which have anything to do with age.

1. Have a low income and limited assets such as cash, stocks, non-residential property and investments. Single individuals who make under $1,700 per month and have less than $10,000 in assets, not including a home and automobile, can have Part B paid for by the state of Pennsylvania. If you think you may qualify, we would be happy to provide a review and make the proper application.

2. Enroll in a Medicare Advantage Plan that provides a rebate of a portion or all your Part B premium.

The only plans we recommend that provide a Part B rebate don’t come with Part D and are specifically designed for people who have access to prescription coverage though the VA, PACE, or another source. There are a couple that do provide a significant Part B rebate as well as drug coverage, but they’re generally plans we never recommend because they have exceptionally large hospital and surgical co-pays.