California Birthday Rule
One of the most helpful tools for us to help you with your existing Medicare Supplement is the California Birthday
Rule. Simply put, this allows us to change your current Medicare Supplement policy to another Medicare Supplement without any health underwriting. Health underwriting is a screening process where the insurer asks health related questions, reviews your prescription drug record and often, even your health record with your physician. They then have the right to decline issuing you a policy.
You can change your supplement at anytime of the year, if you can pass underwriting. But if you cannot, the birthday rule allows for that change.
Specifically, 30 days before, and 60 days following, a Medicare supplement insurer must accept your application and issue a policy if:
a) the effective date is after your birthday, and
b) you have an existing Medicare supplement with equal or greater coverage.
For example, if you have an F plan from one insurer and the rate has recently increased. you could use the birthday rule to move to another insurer with the exact same F plan coverage, for a lower monthly premium.
Or, if you decide you can
take on more out of pocket expense, you can save quite a bit on monthly premium by moving down
to a G plan, or even a High-Deductible G plan.
In both these instances, the plan change would be allowed since you were moving to equal or lesser coverage.
Give us a call in the weeks before your birthday. It takes us 10 minutes to review your current premium against all policies available. Don't let your birthday go by without checking to ensure you are in the right Medicare Supplement plan.