Medicare-eligible and Moving Soon?Oct 01, 2020 06:55AM ● By Kelly Nicoll, Colleen Callahan Insurance Services
Kelly Nicoll, Colleen Callahan Insurance Services
Medicare-eligible and Moving Soon?
By Kelly Nicoll, Colleen Callahan Insurance Services
Whether you were thinking of relocating to another state previously or the pandemic has ignited the idea, make sure researching medical insurance options is on your to do list. Insurance is state-specific and can even vary from region by region, so it may not be as simple as calling your insurance company and updating your address. With proper planning, you can have a successful transition.
What do you need to know?
Timing is important! You will have a short window following your move to make a change. This will vary by state but is typically 30-60 days. Acting quickly may help you secure coverage without medical underwriting. It will also help avoid late enrollment consequences. For Part D Drug coverage, a gap of more than 60 days can lead to permanent penalties - 1% of the national average premium for each month you were without coverage. You also must wait until the next enrollment period if you miss your qualifying event.
Your options may be different. Medicare Supplements, named by letters A-N, are standardized across most states, so you may be able to keep your same plan. Medicare Advantage and Part D drug plans may have differing benefits and formularies.
Be prepared for a change in premium. Plans are priced by region within a state. While your plan may be available in your new state, the monthly rate will be different. Hopefully, it is lower! Is your move only temporary? Medicare Supplements don’t have networks, so they may provide more flexibility in accessing care away from home.
Ready to talk? A Medicare-certified agent can help you explore your options at no additional cost to you. We would be happy to help!