5 Things to Know about Supplemental Plan Premium Increases & Switching

1. All supplemental plans go up from year to year. Some insurance carriers split this into two smaller increases per year. These increases are normal due to medical inflation and to be expected.
2. Many insurance carriers do not put increases into effect on January 1st of each year – instead it often happens in the spring or it can be tied to your policy anniversary date. They will always send you a notice prior to any premium increases.
3. The annual enrollment period that runs from Oct. 15 to Dec. 7 each year has NOTHING to do with switching from one supplemental plan to another. In fact, switching during this time means you’ll be subject to a long backlog as the insurance companies are at their max capacity. Instead, you can switch anytime during the year.
4. Anytime you switch from one supplemental plan insurance carrier to different one, you must Medically qualify and go through health underwriting.  Even if you attempt to switch during the annual enrollment period (Oct 15-Dec 7) you will still need to undergo health underwriting. Please contact us for information on how to make this switch.
5. If you want to switch from a Supplemental Plan to an Advantage Plan the time to do this is during the Annual Enrollment Period. There are no health qualifications to make this switch and once you’ve chosen and enrolled in the Advantage Plan you can cancel your supplemental plan effective 12/31. Your Advantage Plan will begin on January 1.  We can help you through the process of choosing which advantage plan is right for you and help you enroll. Please contact us for information on how to make this switch.