Like myself, we have all gotten the “official” letter from CMS (Medicare), telling us that the Cost plan will no longer be offered in the metro area.
So, what does this really mean?
Here is a break down of what is in the CMS letter:
Option 1: This is a legal notice that your current insurance company will offer you an Advantage plan to replace your Cost plan. The Cost plan will end on DEC 31, 2018.
If you do nothing your current health insurance provider will automatically roll you over to a new Advantage plan. What the letter does not say is that if you have two separate insurance companies, one for your health plan and one for your Part D plan, then you will not be automatically rolled-over. You will need to contact your health insurance provider directly and select a plan.
Option2: This states that the AEP enrollment period is from Oct 15th to Dec 7th. If you need more information contact number(s) are listed in the letter.
Medicare.gov or the contact number provided, will not make plan recommendations or refer you to an insurance company or refer you to an Agent or enroll you into a plan.
Option 3: This states the enrollment period to go back to Original Medicare is from OCT 15th to FEB 28th. If you select this option, you will pay 20% of all medical costs and deductibles. You will have the option to select a stand-alone Part D medication plan.
The letter also states that you can buy a Supplemental plan. What the letter does not state is that you must now have one insurance company that provides both the health plan and Part D plan. If you have two separate insurance companies, then you do not qualify for a Supplemental plan without medical underwriting.
Most insurance providers offering Supplemental policies with no medical underwriting, will require that you show them your CMS letter as proof that you qualify for no medical underwriting.
Important: This says that if you select an Advantage plan with no Part D medication coverage, then you will not have medication coverage after FEB 28th 2019.
What to do next: This says that you have until DEC 31st to select an Advantage plan.
Transition of Care: If you need a medical procedure before DEC 31st 2018, then you must contact your current insurance provider and inform them, so arrangements can be made.
Get help & more Information: If you need health insurance counseling, contact phone numbers are provided. I recommend that you call me and make an appointment.