Know Your Rights! (Your Medicare Supplement Guaranteed Issue Rights)
Everyone knows that they have the right to remain silent and the right to an attorney, but few retirees know their rights to a Medicare Supplement policy. For this reason, many people believe that if they missed their Open Enrollment Period and have health problems, they will be unable to get insurance.
This is not so. Thanks to guarantee issue periods, retirees like you have rights. During guaranteed issue periods, insurance companies are obligated to offer you a policy at the normal rate and cover your pre-existing conditions. All of this with no pesky medical questioning whatsoever!
The following circumstances spur a guaranteed issue period. In other words, you have the right to a Medicare Supplement policy if:
- Your Medicare Advantage Plan is going out of service or you are moving out of the service area.
- Your employer health insurance is ending.
- You’ve been enrolled in an Advantage Plan for less than one year and want to switch back to a Medicare Supplement plan.
- You lose your coverage without fault (i.e. your insurance company goes bankrupt).
- Your insurance company misled you or doesn’t follow the rules.
(For a more comprehensive chart of potential situations, click here to visit Medicare.gov).
From the day any one of these events happen to you, you have 63 days of guaranteed issue to get into a new Medicare Supplement Plan.
Do not take this newfound information lightly, and keep any proofs of the previously mentioned events at your disposal such as:
- Claim denials
- Letters from employers
- Official notifications
Insurance companies will ask for these items to prove your right to a policy. Then they will have no choice but to insure you. This is why it is so important to educate yourself on your rights. It allows you to take advantage of what has been made available to you.
If you want to find out more about guaranteed issue rights or need help shopping a Medicare Supplement Plan for your needs, Call Seniormark at 937-492-8800 for a free consultation from licensed experts.