09-27-2023 Primtime Living - Flipbook - Page 28
28 A Special Advertising Section of Baltimore Sun Media Group | Wednesday, September 27, 2023
Minding the gap,
continued from page 18
your employer that ended, you moved,
you got a new job and could enroll
in employer coverage, or the contract
between Medicare and the carrier
changes,” he says.
Now, thanks to what is called the
Birthday Rule, Maryland joins some
other states who have passed a similar
law.
According to the MIA’s advisory,
“Starting on July 1, 2023, Medicare
Supplement policyholders in Maryland
will be granted a once-yearly Open
Enrollment Period during the 30-day
period following the policyholder’s birthday.
“Insurers will be required to send
each Medicare Supplement policyholder
an annual notice of their right to switch
policies at least 30 days, but not more
than 60 days, before the policyholder’s
birthday.”
What does this mean? For a 30-day
period, you can change carriers without
being asked medical questions, and
get a policy of equal or lesser value.
Jacobson says he’s already saved many
of his clients a third to a half of what their
premiums had been.
What is a policy of equal value? It
must contain the same benefits included in the Medicare Supplement policy
being replaced. With all Medigap policies, once you’re enrolled and maintain
your coverage, you may see premium
increases, in some cases yearly. This
rule will potentially allow you to lower
those monthly premiums to a more
affordable amount.
Patricia Dorn, PIR, health insurance
administrator, works with Maryland consumers who have questions about insurance. She clarified a couple requirements to the birthday rule. “To take
advantage of this benefit, you must be
a current policy holder of a Medicare
Supplement policy. That policy must be
issued in the state of Maryland.”
If, after reading the advisory, you
still have questions, you can contact
Dorn with your concerns: patricia.dorn@
maryland.gov.
CMS, the Centers for Medicare &
Medicaid Services, which oversees
these policies, says, “Insurance companies can only sell you a ‘standardized’ Medigap policy. Medigap policies
must follow Federal and state laws.
These laws protect you. The front of a
Medigap policy must clearly identify it as
‘Medicare Supplement Insurance.’”
“If you’ve just joined Medicare
and have a Medigap policy, it may
not make sense to take advantage of
this open enrollment period this year,”
says Jacobson. “Your premiums haven’t
escalated at this point. But knowing you
can change in the future should be a
comfort.
“Medigap Policies don’t affect Part
D coverage, which you should enroll in
as soon as you turn 65 years of age to
avoid paying a penalty for the rest of
your life. For those who already have
Part D, open enrollment remains from
October 15 to December 7. It’s always a
good idea to review your Part D medications coverage each year as the formularies change.”
Once again, the State of Maryland
has stepped up in taking care of its citizens. It’s nice when we are appreciated.
Serving our community
for more than 160 years.
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