Monday, March 19, 2012

Medicare Trial Right

Medicare trial right. Certain guaranteed issue rights exist under Medicare. You may be able to use your Medicare trial right and guaranteed issue to escape escalating Medigap insurance premiums.

Medicare affords you certain rights to buy a Medigap plan regardless of your health. One of those guarantees is known as your Medicare trial right to make a change in your plan.

If you bought a Medicare supplement plan, such as the Mutual of Omaha plan N, and feel you can no longer afford your premiums, there may be a way for you to migrate to a more affordable Medigap plan by exercising your Medicare trial right.

High Medigap Premiums

Are your Medigap premiums too high? Are you no longer able to afford the premiums on your Medicare supplement plan? Did you purchase a plan that has become prohibitively high, making it impossible for you to pay your monthly premiums?

Most of the time you are stuck paying the high premium, or worse, you just have to drop your plan.

Say you purchased a Mutual of Omaha Medicare supplement plan N last year when they were almost giving it away to anyone who could fog a mirror. A year of so later and your premiums may have increased twice or even three times. Your current Medigap premium may be 20% higher than your initial rate and you are staring at another rate increase.

What can you do?

Your health may have changed since you first applied for coverage, or you may not have been healthy when you initially applied.

Your Medicare trial right may be your saving grace.

Simply stated, your Medicare trial right applies to those that bought a Medicare Advantage plan when they first turned age 65 as well as seniors who had a Medigap plan, switched to a Medicare Advantage plan, and then want to go back to original Medicare and a Medigap plan by exercising their Medicare trial right to switch.

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