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P. 84
with the same Part D plan as they had the at which these costs are capped, so some- qualify for a policy.
previous year, even though plans can one who develops a costly condition can Every year, insurance companies must
change significantly in their cost and what run up very large bills. Private insurance
they cover. Every September, your plan will companies sell Medigap policies that help file their claim experience with the
send you an Annual Notice of Coverage to pay your portion of the cost after Department of Insurance. They generally
that outlines the changes in the plan’s Medicare has paid its share. It does not propose to increase their premium rates
cost and coverage for the coming year. happen that often, but having seen poli- to keep up with increases in health care
Since your prescription needs and your cies that paid out hundreds of thousands costs and to reflect higher than expected
plan’s coverage may have changed since of dollars in a single year, I can attest to claims if they have experienced them.
the previous year, you may be able to save the value provided by Medigap insurance These rate increases vary from company
hundreds of dollars by choosing a new to seniors on fixed incomes. to company, and over time you may end
plan. up paying substantially more than you
The government has instituted a num- expected when you bought your Medigap
As a case in point, I recently directed a ber of consumer protections with regard policy. Since plans are standardized from
couple I know to Plan Finder. They had to Medigap insurance such as standardiz- company to company, if you are in fair to
been with the same Part D plan for 10 ing the plans that companies may offer good health you may be able to qualify for
years. When they input their lists of pre- and prohibiting them from singling out an identical policy with another company
scriptions, Plan Finder projected that they someone for a rate increase or cancelling at substantially cheaper rates.
could save close to $3,000 per year by coverage because of a health condition.
switching to another plan. They enrolled Additionally, when you first enroll in If you have had a Medigap plan for a
in the new plan directly from Plan Finder Medicare Part B you are entitled to a one- few years, we would be happy to provide a
and so far are very happy with it. time, six-month period known as Medigap free review of your policy to see how much
Open Enrollment during which you can money you may be able to save.◆
Don’t Miss Medigap Open Enrollment buy any Medigap policy regardless of your
Medicare provides generous coverage for health. This is the best time to buy a poli- Moshe Nelkin and Mordechai Rothschild
most of your health needs but, as with cy, and if you expect to need one you advise seniors about Medigap insurance
other types of insurance, there are costs to should not wait. Outside of this six-month and can be reached at 443-742-3106.
you in the form of deductibles, coinsur- window, you will likely need to answer We look forward to hearing your
ance, and co-pays. There is no maximum questions about your health history to questions. For more information, visit
www.MedigapPlansInMaryland.com.
76 u www.wherewhatwhen.com u
previous year, even though plans can one who develops a costly condition can Every year, insurance companies must
change significantly in their cost and what run up very large bills. Private insurance
they cover. Every September, your plan will companies sell Medigap policies that help file their claim experience with the
send you an Annual Notice of Coverage to pay your portion of the cost after Department of Insurance. They generally
that outlines the changes in the plan’s Medicare has paid its share. It does not propose to increase their premium rates
cost and coverage for the coming year. happen that often, but having seen poli- to keep up with increases in health care
Since your prescription needs and your cies that paid out hundreds of thousands costs and to reflect higher than expected
plan’s coverage may have changed since of dollars in a single year, I can attest to claims if they have experienced them.
the previous year, you may be able to save the value provided by Medigap insurance These rate increases vary from company
hundreds of dollars by choosing a new to seniors on fixed incomes. to company, and over time you may end
plan. up paying substantially more than you
The government has instituted a num- expected when you bought your Medigap
As a case in point, I recently directed a ber of consumer protections with regard policy. Since plans are standardized from
couple I know to Plan Finder. They had to Medigap insurance such as standardiz- company to company, if you are in fair to
been with the same Part D plan for 10 ing the plans that companies may offer good health you may be able to qualify for
years. When they input their lists of pre- and prohibiting them from singling out an identical policy with another company
scriptions, Plan Finder projected that they someone for a rate increase or cancelling at substantially cheaper rates.
could save close to $3,000 per year by coverage because of a health condition.
switching to another plan. They enrolled Additionally, when you first enroll in If you have had a Medigap plan for a
in the new plan directly from Plan Finder Medicare Part B you are entitled to a one- few years, we would be happy to provide a
and so far are very happy with it. time, six-month period known as Medigap free review of your policy to see how much
Open Enrollment during which you can money you may be able to save.◆
Don’t Miss Medigap Open Enrollment buy any Medigap policy regardless of your
Medicare provides generous coverage for health. This is the best time to buy a poli- Moshe Nelkin and Mordechai Rothschild
most of your health needs but, as with cy, and if you expect to need one you advise seniors about Medigap insurance
other types of insurance, there are costs to should not wait. Outside of this six-month and can be reached at 443-742-3106.
you in the form of deductibles, coinsur- window, you will likely need to answer We look forward to hearing your
ance, and co-pays. There is no maximum questions about your health history to questions. For more information, visit
www.MedigapPlansInMaryland.com.
76 u www.wherewhatwhen.com u
