Are you planning on moving to a different state and want to know how it will impact your Medicare? We have answers for you in this video about moving with Medicare.
Moving with Medicare
So you have Medicare and you are planning to move to a new state. How is your move going to impact your Medicare coverage, and what do you need to do to make sure your coverage is seamless when you move with Medicare to a new state?.
What you need to do depends on what type of Medicare plan you have.
If you have a Medicare supplement like a Plan F or G or N or any of the ten different Medigap plans, you do NEED to do anything more than provide the insurance company with your change of address. Your Medigap plan is good with any doctor or hospital that accepts Medicare from coast-to-coast so there is no requirement to change plans and moving does not create a special enrollment period for Medicare supplements.
However, it is in your best interest to at least re-shop the plan when you move to a different state or out of your plan’s service area. Every state has different prices for their supplement plans. If you are moving with Medicare to a state with generally lower premiums this may be an opportunity to save money. If you are moving with Medicare to a state with generally higher premiums you may still want to shop because your insurance company will have the right to increase your premium to be consistent with their premiums for your age group in the new state. But, just because your insurance company may have been the best value for you at your current residence does not mean it will be the best value for you when you move.
So, with a Medicare supplement plan there is no requirement to do anything. Moving with Medicare is easy when you have a Medicare supplement because your Medicare moves with you when you move to another state. This is why Snowbirds prefer Medicare Supplement policies. They can travel to any state and they know their Medicare goes with them. but it is in your best interest to re-shop your plan and it cost nothing to shop.
If you have a Medicare Part D prescription drug plan or a Medicare Advantage plan (which are usually HMOs or PPOs) you will be required to take action. Unlike the Medicare supplement, your Part D prescription drug plan or your Medicare Advantage plan are only local coverage. They are designed and priced just for your county or surrounding area and do not move with you when you move. If you move outside of their local service are you create a Special Enrollment Period.
Here is what you do, about 30-days prior to moving you contact your Medicare Part D insurance company or your Medicare Advantage insurance company and you inform them when you are moving and where you are moving to. If you are moving out of the local area they service, they will send you what we call a Disenrollment Letter.
The Disenrollment Letter is your Golden Ticket to have a Special Enrollment period.
With the Medicare Part D plan, you can re-shop your coverage to find which plan is best for you at your new zip code. You want to get into this new Part D plan within 63-days of when your existing coverage ends. Your window to change plans is between 60-calendar days before the end of your current insurance coverage and 63-days after your current insurance coverage is terminated to take action. So plan ahead.
If you have a Medicare Advantage everything is identical to what I just talked about with your Medicare Part D, with one twist. You want to make the change in your coverage seamless, but there can be up to a 63-day gap between when your current coverage ends and when your new Medicare Advantage plan begins. Keep in mind that Medicare Advantage plans vary greatly from state to state. Do not assume that the Medicare Advantage plan you have will be the same in another state. It won’t. You need to look carefully at your options and make an informed decision.
But here is the twist; this Special Election Period also gives you the opportunity to change from a Medicare Advantage plan to a Medicare Supplement. You can only get certain Medicare supplement plans, but you can do so without medical questions and on a guarantee issue basis.
Before January 01, 2020 you will be able to select from Medicare supplement plans A, B, C, F, F-HD or K. After January 01 2020 Plan F and C may not be available for guarantee issue. Nothing is set in stone at this time, but Plans F & C may be replaced by Plan G and a new Plan G-HD. If you are watching this video in 2020 or after, check with us for which plans are available to you.
So that’s it. To make the most of moving your Medicare to a different state, re-shop your Medicare supplement and use a Special Enrollment period to purchase a new Medicare Part D plan, a Medicare Advantage or convert your coverage from a Medicare Advantage plan to a guaranteed issue Medicare Supplement.
Do not assume that your best plan or best value one state is the same in another. Your Medicare supplement BENEFITS are the same everywhere, but prices change significantly. With a Medicare Part D plan or Medicare Advantage HMO or PPO everything can be different from one state to another. Take the time to look carefully at your new options.
Of course, if you would like details and prices call us at 800-847-9680. We work with Medicare recipients in virtually every state from coast-to-coast. As an independent agent, we are here to represent your best interest.
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I am Matthew Claassen with Medigap seminars.org. Thank you for watching our video about moving your Medicare to another state!
For Part D drug plan info visit: http://www.medicare.gov
Also visit: https://en.wikipedia.org/wiki/Medigap
Get your Medicare Guide to supplements here: https://www.medicare.gov/Pubs/pdf/02110-Medicare-Medigap.guide.pdf
And your Medicare & You Guide here: https://www.medicare.gov/pubs/pdf/10050-Medicare-and-You.pdf