Medicare supplement switch can be made anytime of year

Dear Toni: We have received a 15 percent increase on our Plan F Medicare supplements effective Nov. 1. I am a 70-year-old female in good health, but my husband, Sam, is undergoing cancer treatment. Also, his cardiologist has advised him that he may need a pacemaker.

My friends have told me that we will have to wait until Medicare’s annual enrollment period to change from our current Medicare supplement plans.

I am concerned that with this Medicare supplement increase, we may not be able to afford the premiums. What should we do? Would a Medicare Advantage plan be a good option with Sam’s cancer issues? — Sarah from Nashville, Tennessee

Dear Sarah: You do not have to wait until Medicare’s annual enrollment period to change your Medicare supplement. You can change it anytime. The annual enrollment period is the time to change only your Medicare Advantage plan or Medicare Part D prescription drug plan.

The Medicare supplement renewal increases are more than the public was expecting for Plans F and C.

Anyone who wants to change Medicare supplement plans and has been enrolled in Medicare Part B longer than six months must answer health underwriting questions regarding current and past health issues. This is what you and your husband will have to do to change Medicare supplement companies and plans.

You have an option to change from your Plan F to a different Medicare supplement company or a different type of Medicare supplement plan such as Plan G or N.

But Sam may have difficulty qualifying for a new Medicare supplement because of his cancer and heart issues.

If you or he cannot qualify because of a health issue, another option may be to search for the right Medicare Advantage plan to fit your medical needs. The only catch to making a change to a Medicare Advantage plan is that you must wait until the Oct. 15-to-Dec. 7 enrollment period.

Below is what Medicare supplement Plans G and N offer if you change from Plan F:

Plan G: Lower premiums and the same Medicare benefits as Plan F except the Medicare Part B deductible is not covered and will be paid for by the enrolled Medicare beneficiary. Part B deductible for 2023 is $226. (2024 Part B deductible has not been announced yet.)

Plan N: Lower premiums than Plan G but with more out-of-pocket costs. There is a $20 copay for a doctor visit with a $50 copay for an emergency room visit. Part B deductible is not covered, and unlike plan G, Part B excess charges are not paid for by the insurance company.

Note: Do not cancel your existing policy until you have been approved by your new Medicare supplement insurance company.

Toni King is an author and columnist on Medicare and health insurance issues. If you have a Medicare question, email info@tonisays.com or call 832-519-8664.