When the time for Medicare approaches, we receive a deluge of solicitations from Medicare Supplement insurance carriers. They are happy to point out that selecting a plan is easy, since the coverage really is limited by law to just a few plans, designated by a single letter. I selected plan G, and so all that was left was to select a stable company with a good rate. So easy. Among all the other issues with retirement, this one seemed straightforward and I thought I was done.
I met Diana Scothorn of The Benefit Link, who asked me about my Medicare Supplement decision. I answered, and it was clear to me from her response that my decision had been made without knowledge of another critical factor. So I called the Benefit Link to learn more.
Diana explained to me that the initial price of supplemental insurance is not the important one. Once the open enrollment period is over, and the health events happen, the insurance company can and will adjust prices according to the health claim experience of the group. The critical price factor is based on the health of the pool of customers you are connected with. The key question that the insurance companies probably never bring up is – what are the standards they have for entry in the pool? The answer has tremendous long term financial implications, and it is possible that your situation would not allow you to later change companies, no matter how much they increase the rates!
Diana educated me, and, within an hour, all my decisions were changed. I was fortunate that the open enrollment period for me had not elapsed. Diana immediately arranged for all the paperwork to be done, and I suddenly had new supplemental as well as Medicare Part D coverage with different companies – and the peace of mind of having lower present and very likely lower future rates. Thank you Diana, Stewart, and Charlotte for the tremendous ministry you offer in a truly chaotic marketplace. You have so blessed me and my family.
