Medicare Supplemental Insurance

Archive for July, 2009

Thank you for allowing us the privilage of providing for your Medicare gap needs.  As your trusted advisors, we want to make sure you are aware of any and all changes that may impact your situation.

This letter is to inform you of a recent Medicare law (H.R. 6331) that will be adjusting some of the available options.  I want to personally assure you that these changes will have no effect on your current Medicare Supplement coverage.

Effective June 1, 2010, the federal government is changing all existing standardized Medicare Supplement plans.  These changes will only effect those policies issued AFTER June 1, 2010.  These changes will streamline the plan offerings for Medicare beneficiaries by making them more consumer friendly, along with adding some new plan options.

Due to the changes, I would like to address a few items: 

• The Medigap plan you currently have IS GUARANTEED RENEWABLE for life as long as you continue to pay the premium.  So even if your health changes you cannot be terminated and you cannot be forced to change to one of the new plans.  In fact, some of the coverages and valuable benefits in your current plan will not be available under the new programs.
• If you do decide to switch to a new 2010 plan, you will lose some of the benefits that are covered under your current plan and you will never be allowed to go back. On the flip side one of the new plans may fit your situation better. 

As always, it is important to make well informed decisions about your insurance plan.  Before you make any changes to your existing coverage, please call us first to go over your policy’s coverages and benefits.  You may call us anytime at 816-254-6100 or toll – free 1-888-535-0999.

With Thanks,

Travis M. Gensler

P.S.  We have enclosed some frequently asked questions to help understand some of your options.  Please do not hesitate to call us with any questions.

P.P.S Please remember you will be able to keep your existing policy and will not be required to change benefits or buy a new plan

Frequently Asked Questions:

1.    Will be able to keep my current plan?

Absolutely, we encourage you to keep your existing plan.  Some of the current plans contain coverages that will not be available on the new plans after June 1, 2010

 2.    Will I be able to switch to one of the newer plans?

You can switch anytime after June 1, 2010, but you do not have to.  Built into the regulation, there are transition standards to allow companies to offer existing policyholders or certificate holders the opportunity to exchange their current policy for a new policy.

If you would like to compare benefits, please call us to set up a time to get together.  We will send out another letter when we get more information from our companies on what plans they will be offering and what the premium will be at that time. 

At this time we do not have any direction on the process for changing to the new policies.  We will keep you updated as we receive more information.

3.    If I purchase a new Modernized Plan after June 2010 can I go back to my original plan at a later date?

No.  Make sure you carefully evaluate your options with us before you make a decision to move.  All plans will be different and many plans (E, H, I & J) as they are known today will not be available because of the additioanl benefits you had are not available on the new plans.

More Questions?

Please do not hesitate to contact us at 816-254-6100, toll free at 1-888-535-0999.