Medicare Medigap (supplement) insurance

[cwradio]

My Medigap insurance company(Transamerica) is no longer accepts new customers (since 2020), but still serving and renewing the policy. I am concerned since there no new customers, the only people left in the plan will be sick and older people causing a higher increase in yearly premium.
My question:
Is it time to switch insurance companies or stay the course? If I switch I am required in my state (Michigan) to do medical underwriting. I am 78 and getting on in age and not sure if I will pass the underwriting. Thanks

 

[fed up]

Shop around. Get quotes from 3 different companies. See if you pass underwriting before paying for a policy

 

[goillini52]

My Medigap insurance company(Transamerica) is no longer accepts new customers (since 2020), but still serving and renewing the policy. I am concerned since there no new customers, the only people left in the plan will be sick and older people causing a higher increase in yearly premium.
My question:
Is it time to switch insurance companies or stay the course? If I switch I am required in my state (Michigan) to do medical underwriting. I am 78 and getting on in age and not sure if I will pass the underwriting. Thanks

Switch while you can (if you can pass underwriting).

 

[cwradio]

Thanks for the replies.
If you fail underwriting with one company is the failure recorded on an insurance data base so other companies can see you failed?

 

[goillini52]

Thanks for the replies.
If you fail underwriting with one company is the failure recorded on an insurance data base so other companies can see you failed?

I don't think so. If you're declined by one company, that doesn't mean you won't pass with another company. They often have different underwriting. For examp;e, some companies will take COPD.....some won't.

What health conditions do you have?

 

[somarco]

I think Blue is a carrier of last resort in Michigan. @Travis Price will know

 

[Travis Price]

Blue wouldn't be a great choice for Medigap. The underwriting can be tough, but the price usually sucks as you get older. There's a few companies I use that are relatively generous on health questions and have pretty good rates.

Check me out at www.TravisPrice.com if you'd like to chat. I used to do instant quotes, but honestly.. most people just give me a call, so I stopped. I don't have a sales-y approach. If I can help, I can. If I'm not the one for you that's okay too.

 

[Bob L]

My Medigap insurance company(Transamerica) is no longer accepts new customers (since 2020), but still serving and renewing the policy. I am concerned since there no new customers, the only people left in the plan will be sick and older people causing a higher increase in yearly premium.
My question:
Is it time to switch insurance companies or stay the course? If I switch I am required in my state (Michigan) to do medical underwriting. I am 78 and getting on in age and not sure if I will pass the underwriting. Thanks

First, are you an amateur radio operator? Your handle makes me think so (I am KK4TD).

Second, have you ever been in a Medicare Advantage plan, or always had a Medicare supplement policy? If you have never been in an MA plan, there's a little trick you can do if you'd like to switch supplements and cannot pass underwriting.

Medicare rules state that if one has never been enrolled in an MA plan in the past, and drops a supplement policy to join an MA plan, and during the first year decides he would like to leave the MA and go back to his supplement, he can do so without underwriting. However -- and this is the key -- if his supplement is no longer sold, as in your case, he can purchase certain Medicare supplement plans from any carrier without underwriting. I have used this technique several times to help people who were drowning under skyrocketing premiums of "dead" plans.

If there are any five-star plans in your county, you can do this immediately for an effective date of the first day of the next month. Otherwise, during the Annual Election Period (10/15-12/7), enroll in a good MA plan. It will be effective 1/1/23. Then, in January, or anytime during '23, purchase a new supplement policy from the carrier of your choice. They have no choice other than to accept you. In my state, they cannot even ask about tobacco. At the same time, you can also enroll in a standalone Part D Rx drug plan to go with your supplement.

You might want to spend more than one month in your MA plan in order to get some eyewear, dental work, hearing aids or other benefits you do not receive with supplements.

You want to tread carefully here as there are other considerations, such as, for example, your particular prescriptions and their costs, your doctors (as to whether they're in network), etc. It's best to use a good trustworthy agent to assist, which will cost you nothing more. PM me if you have any questions, and good luck!

 

[AugustaMi]

First, are you an amateur radio operator? Your handle makes me think so (I am KK4TD).

Second, have you ever been in a Medicare Advantage plan, or always had a Medicare supplement policy? If you have never been in an MA plan, there's a little trick you can do if you'd like to switch supplements and cannot pass underwriting.

Medicare rules state that if one has never been enrolled in an MA plan in the past, and drops a supplement policy to join an MA plan, and during the first year decides he would like to leave the MA and go back to his supplement, he can do so without underwriting. However -- and this is the key -- if his supplement is no longer sold, as in your case, he can purchase certain Medicare supplement plans from any carrier without underwriting. I have used this technique several times to help people who were drowning under skyrocketing premiums of "dead" plans.

If there are any five-star plans in your county, you can do this immediately for an effective date of the first day of the next month. Otherwise, during the Annual Election Period (10/15-12/7), enroll in a good MA plan. It will be effective 1/1/23. Then, in January, or anytime during '23, purchase a new supplement policy from the carrier of your choice. They have no choice other than to accept you. In my state, they cannot even ask about tobacco. At the same time, you can also enroll in a standalone Part D Rx drug plan to go with your supplement.

You might want to spend more than one month in your MA plan in order to get some eyewear, dental work, hearing aids or other benefits you do not receive with supplements.

You want to tread carefully here as there are other considerations, such as, for example, your particular prescriptions and their costs, your doctors (as to whether they're in network), etc. It's best to use a good trustworthy agent to assist, which will cost you nothing more. PM me if you have any questions, and good luck!

Yes there's a 5 star in MI. It's BCN HMO-POS. I have zero complaints with it (regarless of what some agents might say) and no not even from people with ongoing health conditions, even one with cancer currently receiving tx, one with a TBI, one who needed papa pal for transportation to as simple as the grocery store....etc.

That sounds like a lot of juggling though. Not sure that would be worth it for someone, I mean with any anxiety that might cause it might outweigh the benefit, but I do think it would work. I've heard this around here also. In MIchigan. KNow a few agents who do this.

 

[Newby]

It’s terrible advice to shop three companies. You should shop EVERY company. Takes 5-minutes with your broker.
Yes. Apply for a new company. If you are approved, go with it. If you are declined you’re right where you are anyway.