23 Year Old AMNICO Policy

somarco

GA Medicare Expert
5000 Post Club
37,654
Atlanta
I encountered someone on a consumer forum with an old, old Am National indemnity plan he bought 23 years ago.

I thought all of these plans have been terminated, but apparently not.

Typical of what they sold in the old days with daily hospital limits, etc.

He never bothered to change it since he thought it was grandfathered.

He is 60, spouse 57. He was upset because his premium is $800/mo (vs $200 when he started the plan in 1991).

Of course the plan is inadequate should he ever really need it, and a new Obamacare plan will be a lot more than $800.

Is this plan grandfathered and can he keep it without penalty? Will AMNICO eventually be required to cancel it or can he keep it until 65?
 
Thanks. Not the answer I was hoping for but pretty much what I expected as I thought it through. Only issue is, that is a crap policy that can cost them a helluva lot of $$$ if their health changes.
 
Thanks T, but may not need it. Supposedly both are healthy and have been healthy.

But this raises a question. If someone buys a cheesy indemnity plan, say with $50 OV benefit limit 2 visits, and they have a 3rd visit, does that create an SEP?
 
Maybe............... but I'd say that's for ON exchange only. I don't know if OFF would fly.

I don't have a problem with on exchange.... I do what I gotta do... however... I declare off exchange and on... notice this from the Humana SEP guide:

Incur a claim that meets or exceeds a lifetime limit on all benefits under existing coverage
60 days from event
1st of the following month from application submission

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In regards to the question of buying a plan with only 2 dr visits... nope, must exceed lifetime limit

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I now hear a standing 8 count..... do I need a knockout?
 
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