Old Medigaps Vs Newer Models

[brooks]

Client thinking about switching carriers due to cost. Client has an old plan F from Country Co.

He is not so good at keeping paperwork ... he can't find anything on the old policy. He is 77 now, so must have purchased 12 years ago in 2000 when he turned 65.

What did an old F "look like?" Same benefits as the post 2010?

Were some drug coverages offered in some of these older plans?

 

[DS4]

Were some drug coverages offered in some of these older plans?

Yes, but never on Plan F.

Sounds like your client has "Standard" Plan F.
Basically... the same coverage as new "Modern " Plan F.

 

[Frank Stastny]

There, as DS4 said, is no difference between the "old" Plan F and the "new" one. The only reason to switch a prospect is to save them money.

Plan J was dropped, Plan G now has 100% Excess Charges, and Plans D&G no longer have "At Home Recovery". In fact, no plan has "At home Recovery" any longer.

If you encounter someone with a Plan J move them as quickly as possible while they are still "healthy", even if they have to pay a couple of dollars more. Plan J is a closed book of business.

In my opinion there are only three Plans to recommend, Plans D, G and in some instances Plan F. Assuming that Plan F isn't more than $140 more than a Plan D or G.

 

[SportsNut]

The diff between 'Standardized' (1992 to 6/1/2010) and 'Modernized' (6/1/2010 to Present): Stanardized Supp did not include Hospice care coverage, where their Modernized Supp does include Hospice care. That in itself is worth changing someone from one plan to the other, and usually the premium is less too.

"Effective June 1, 2010, a new hospice benefit, which will cover all cost-sharing for Part A eligible hospice care and respite care expenses, will be added as a core benefit available with every Medigap plan offered for purchase."

 

[Newby]

The diff between 'Standardized' (1992 to 6/1/2010) and 'Modernized' (6/1/2010 to Present): Stanardized Supp did not include Hospice care coverage, where their Modernized Supp does include Hospice care. That in itself is worth changing someone from one plan to the other, and usually the premium is less too.

"Effective June 1, 2010, a new hospice benefit, which will cover all cost-sharing for Part A eligible hospice care and respite care expenses, will be added as a core benefit available with every Medigap plan offered for purchase."

The only hospice coverage difference is a co-pay of $5 on certain meds used by hospice. At least that's the way I understand it to be.

 

[SportsNut]

The only hospice coverage difference is a co-pay of $5 on certain meds used by hospice. At least that's the way I understand it to be.

There you go splitting the atom again...

Just show the info right from Medicare to a client with an old plan. Ask then whether they want the plan with the Hospice coverage or without? I wouldn't go into all that minutia about 5 dollar co-pays, etc.

 

[yogooglethis]

There, as DS4 said, is no difference between the "old" Plan F and the "new" one. The only reason to switch a prospect is to save them money.

Plan J was dropped, Plan G now has 100% Excess Charges, and Plans D&G no longer have "At Home Recovery". In fact, no plan has "At home Recovery" any longer.

If you encounter someone with a Plan J move them as quickly as possible while they are still "healthy", even if they have to pay a couple of dollars more. Plan J is a closed book of business.

In my opinion there are only three Plans to recommend, Plans D, G and in some instances Plan F. Assuming that Plan F isn't more than $140 more than a Plan D or G.

In Florida and I am sure other states I would be careful about moving a consumer from J to to a lesser plan at a higher entry age band because for one, some carriers rates like UHC have been very stable for J since the book was closed and two , some carriers like UHC and BCBS of Fl will let policyholders go from J to lesser plan and from lesser plan to a higher benefits plan and retain the original entry age which will save the consumer money through the life of the policy.If the switch is made with UHC up or down on a "modnernized" there is no underwriting and I believe with BCBS of FL it doesn't matter when they originally took out the policy.Ethically I believe you should let a consumer know they have these options with their existing carrier before recommending switching to a new carrier.

 

[sissymary]

Sounds like not a huge diff?