Underwriting Times for Medigap Insurance
If you are buying a Medicare supplement in the month of October to December, you should not be awed to find Medicare supplements processing times and underwriting that last from 6 to 9 weeks. If the additional 2 or 3 weeks required to obtain identification cards after approval are counted, there may be a 3 month process from the time you submit the application for a review. What then is the reason for the triple effect in the time taken to complete the process of underwriting? The short response is that most people require insurance during this period due to various situations.
Here are some of the main reasons for the delays.
Some of the key situations which cause very many people to apply for insurance coverage within this period include:
1) Individuals who lose health insurance sponsored by employer: Most beneficiaries of Medicare chose to retire at the year end and apply for Medicare supplemental insurance, which begins on January 1 of the next year, such as Health Insurance sponsored by the employer expires on December 31. Unfortunately, a new and more popular person who suits this group is the beneficiary of Medicare, who forfeits the health insurance for retirees that his former employer has promised for the rest of his entire life (current laws have allowed companies to stop this insurance). This category of people represents more than one million Medicare participants and you can apply from October 1.
2) People forfeit their Medicare Advantage plans: A new trend has many Medicare Advantage firms that express their desire to stop the policy in different states or regions. Part of the national health policy proposal of Obama was to pay for the program by taking funds from Medicare. Their main concern was to lower the subsidies (i.e. sum of money) paid to the private insurance firms that administer these Medicare Advantage plans and use this fund to finance health care nationwide. In the end, most Medicare Advantage firms observed that they will not be profitable and so, choose not to continue their policies.
3) People want to give up their Medicare health care policies: this category of people has used a Medicare Advantage policy and has not lost insurance, but is generally not satisfied with the insurance provided and returned to Medicare regularly and is requesting a Medigap Plan. People in this group generally represent several hundred thousand dissatisfied participants in the Medicare health care policy and can apply for insurance beginning November 15th. Get quotes for Cigna supplement plans at https://www.medisupps.com/cigna-medicare-supplemental-insurance-2018/
4) Mass confusion during the time of year that gives you the liberty to change the Medicare supplement plan. With the introduction of the different enrollment periods introduced as Medicare Part D and Medicare Advantage policies are introduced, there has been enormous confusion about the fact. If a Medicare supplement, the policy owner can change their Medicare supplement policy. The reality is that an owner of an additional Medicare insurance policy can change his policy at any time during the year. This kind of policy is not bound by the various registration deadlines. A Medicare insurance premium holder however, usually needs to medically qualify the new policy to move to some other policy.