WEBVTT
00:00:00.160 --> 00:00:03.759
Hello, and thanks for joining us on the podcast with Elite Insurance Partners.
00:00:04.160 --> 00:00:06.799
Yeah, we've got a uh a really crucial topic today.
00:00:07.200 --> 00:00:07.599
We do.
00:00:07.759 --> 00:00:16.079
I mean, imagine being locked into this overpriced healthcare plan for the rest of your life simply because you missed a single six-month window.
00:00:16.480 --> 00:00:16.719
Right.
00:00:16.879 --> 00:00:18.399
Which happens all the time, unfortunately.
00:00:18.719 --> 00:00:19.120
Exactly.
00:00:19.440 --> 00:00:24.399
So today we are exploring a practical planning checklist from Medicare FAQ.
00:00:24.800 --> 00:00:27.120
The mission for you is straightforward, really.
00:00:27.280 --> 00:00:32.799
It's to master the Medigap open enrollment period without feeling completely overwhelmed by the timeline.
00:00:33.200 --> 00:00:37.520
Because navigating Medicare without a schedule is well, it's a lot like skydiving.
00:00:37.840 --> 00:00:39.920
Yeah, having the parachute just isn't enough, right?
00:00:40.159 --> 00:00:43.359
The entire mechanism relies on knowing exactly when to pull the cord.
00:00:43.759 --> 00:00:44.240
Precisely.
00:00:44.479 --> 00:00:48.960
Pull it too late, and those built-in safety features simply will not deploy.
00:00:49.280 --> 00:00:49.679
Ouch.
00:00:50.079 --> 00:00:50.320
Yeah.
00:00:50.560 --> 00:00:54.960
But that's the perfect way to look at it, really, because the timing dictates your level of protection.
00:00:55.280 --> 00:00:59.600
The cord in this scenario is your Medigap open enrollment period.
00:00:59.920 --> 00:01:00.880
Okay, the golden window.
00:01:01.280 --> 00:01:01.600
Right.
00:01:01.759 --> 00:01:06.239
It is a strict golden window lasting exactly six months.
00:01:06.560 --> 00:01:13.359
And the clock starts ticking on the first day of the month that you are both 65 or older and officially enrolled in Medicare Part B.
00:01:13.680 --> 00:01:14.079
Part B.
00:01:14.239 --> 00:01:14.400
Okay.
00:01:14.719 --> 00:01:15.200
Got it.
00:01:15.840 --> 00:01:21.120
So why does that specific six-month time frame carry so much weight?
00:01:21.280 --> 00:01:22.719
Like what is so special about it?
00:01:22.799 --> 00:01:25.840
Aaron Powell Well, because it is a protected federal window.
00:01:26.000 --> 00:01:30.640
During those six months, insurance companies are legally prohibited from using medical underwriting.
00:01:30.959 --> 00:01:31.519
Oh wow.
00:01:31.680 --> 00:01:31.920
Really?
00:01:32.239 --> 00:01:32.400
Yeah.
00:01:32.640 --> 00:01:40.640
That means they cannot look at your health history, they cannot deny you a policy, and uh they cannot charge you a higher premium based on any pre-existing conditions you might have.
00:01:40.719 --> 00:01:46.319
Aaron Powell So it's basically the absolute highest level of consumer protection you get when buying a Medigap policy.
00:01:47.920 --> 00:01:53.760
Well wait, I mean I see those TV commercials like every single October about the fall annual enrollment period.
00:01:53.920 --> 00:01:57.439
Doesn't that fall window just, you know, reset your options every year?
00:01:57.519 --> 00:01:59.359
It seems like you constantly have a chance to switch.
00:01:59.760 --> 00:02:02.480
Oh man, that is actually one of the most dangerous misconceptions out there.
00:02:02.799 --> 00:02:03.280
Wait, really?
00:02:03.599 --> 00:02:03.840
Yeah.
00:02:04.000 --> 00:02:08.639
The fall annual enrollment period does not reopen your original Medigap window.
00:02:08.879 --> 00:02:14.000
That fall period is primarily for changing Medicare Advantage and Part D prescription drug plans.
00:02:14.159 --> 00:02:14.560
Oh, okay.
00:02:14.960 --> 00:02:19.039
The six-month Medigap window is a strict use it or lose it protection.
00:02:19.280 --> 00:02:22.319
Once it expires, medical underwriting usually applies.
00:02:22.639 --> 00:02:23.599
So from that point on?
00:02:23.840 --> 00:02:30.080
Yeah, from that point on, unless you live in certain states with different rules, insurers can legally deny you coverage entirely.
00:02:30.240 --> 00:02:33.759
Or they can charge you significantly more based on your health.
00:02:34.080 --> 00:02:39.439
Man, that timing is incredibly unforgiving, which makes missing it a massive financial risk.
00:02:39.680 --> 00:02:40.240
It really is.
00:02:40.479 --> 00:02:46.560
And since that window is so strict, I want to gently remind you that we at Elite Insurance Partners can actually help.
00:02:46.639 --> 00:02:47.680
We do this every day.
00:02:48.000 --> 00:02:48.800
All day, every day.
00:02:49.039 --> 00:02:49.280
Right.
00:02:49.520 --> 00:02:55.680
If you're looking at your calendar right now and feeling a bit lost regarding your own timeline, you don't have to figure it out alone.
00:02:55.840 --> 00:03:04.639
You can simply fill out the form on the page this podcast is on, or call us at 877-324-1512, and we will answer any questions you have.
00:03:04.719 --> 00:03:07.439
Aaron Powell Because securing that timeline is just step one.
00:03:07.680 --> 00:03:10.800
But once you lock down the when, you really have to understand the how.
00:03:11.199 --> 00:03:14.719
And the golden rule from the source material is letters before logos, right?
00:03:15.120 --> 00:03:15.439
Yes.
00:03:15.759 --> 00:03:21.199
You need to compare standardized plan letters before you ever look at an insurance company's logo.
00:03:21.360 --> 00:03:23.680
Aaron Powell I want to make sure we understand the mechanism there, though.
00:03:23.840 --> 00:03:29.120
Are you saying the government actually forces these companies to sell the exact same product?
00:03:29.199 --> 00:03:30.319
Aaron Powell Exactly.
00:03:30.560 --> 00:03:38.080
In almost every state, with the exceptions of Massachusetts, Minnesota, and Wisconsin, Medigap benefits are standardized by letter.
00:03:38.400 --> 00:03:38.560
Okay.
00:03:38.879 --> 00:03:46.080
So a plan G from Company A has the exact same legally required medical benefits as a plan G from Company B.
00:03:46.159 --> 00:03:46.560
Aaron Powell Okay.
00:03:46.719 --> 00:03:51.280
So it's essentially like buying a car where you pick the exact make and model first.
00:03:51.520 --> 00:03:51.680
Right.
00:03:52.000 --> 00:04:02.560
Like you decide you need um a silver sedan with leather seats, which would be your plan G, and then you shop around different dealerships to see who offers the best premium for that exact same vehicle.
00:04:03.120 --> 00:04:03.680
Precisely.
00:04:03.919 --> 00:04:08.159
You find the letter that fits your medical needs and budget, and then you just compare the quotes.
00:04:08.400 --> 00:04:14.159
And actually, speaking of organizing all these moving parts, the source material offers what they call Eddie Ritz Pro tip.
00:04:14.639 --> 00:04:15.439
Oh, I like this part.
00:04:15.680 --> 00:04:16.399
Yeah, it's great.
00:04:16.639 --> 00:04:20.319
Before you submit any application, write down four critical dates.
00:04:20.560 --> 00:04:29.839
The date your current coverage ends, the date your Part B begins, the date your new Medigap policy starts, and the date your Part D prescription coverage kicks in.
00:04:30.160 --> 00:04:34.399
Because if those four dates don't perfectly align, you risk a gap in coverage.
00:04:34.720 --> 00:04:35.279
Exactly.
00:04:35.439 --> 00:04:44.879
Now, if aligning all these moving parts feels daunting, remember we are always here to help you figure it out at 877-324-1512.
00:04:45.120 --> 00:04:50.160
Yeah, getting organized early is ultimately your best defense against those coverage gaps.
00:04:50.319 --> 00:05:01.040
And again, if you want us to help you build that timeline and explore your options, just reach out to us at Elite Insurance Partners by filling out the form or giving us a call at 877-324-1512.
00:05:01.360 --> 00:05:04.879
But before we go, I do want to leave you with one final puzzle from the source material.
00:05:05.120 --> 00:05:06.399
Oh, the pricing models.
00:05:06.639 --> 00:05:07.120
Right.
00:05:07.360 --> 00:05:12.800
Even though those plan letters are identical in coverage, the way companies price them over time varies.
00:05:13.040 --> 00:05:18.240
Some use community rated pricing, where everyone in an area pays the same base premium regardless of age.
00:05:18.399 --> 00:05:18.639
Okay.
00:05:18.879 --> 00:05:24.800
But others use attained age rated pricing, where your premium automatically increases every single year as you get older.
00:05:24.959 --> 00:05:25.120
Right.
00:05:25.360 --> 00:05:34.399
So ask yourself how might picking the absolute cheapest attained age plan today silently become your most expensive financial burden a decade from now?
00:00:00.160 --> 00:00:03.759
Hello, and thanks for joining us on the podcast with Elite Insurance Partners.
00:00:04.160 --> 00:00:06.799
Yeah, we've got a uh a really crucial topic today.
00:00:07.200 --> 00:00:07.599
We do.
00:00:07.759 --> 00:00:16.079
I mean, imagine being locked into this overpriced healthcare plan for the rest of your life simply because you missed a single six-month window.
00:00:16.480 --> 00:00:16.719
Right.
00:00:16.879 --> 00:00:18.399
Which happens all the time, unfortunately.
00:00:18.719 --> 00:00:19.120
Exactly.
00:00:19.440 --> 00:00:24.399
So today we are exploring a practical planning checklist from Medicare FAQ.
00:00:24.800 --> 00:00:27.120
The mission for you is straightforward, really.
00:00:27.280 --> 00:00:32.799
It's to master the Medigap open enrollment period without feeling completely overwhelmed by the timeline.
00:00:33.200 --> 00:00:37.520
Because navigating Medicare without a schedule is well, it's a lot like skydiving.
00:00:37.840 --> 00:00:39.920
Yeah, having the parachute just isn't enough, right?
00:00:40.159 --> 00:00:43.359
The entire mechanism relies on knowing exactly when to pull the cord.
00:00:43.759 --> 00:00:44.240
Precisely.
00:00:44.479 --> 00:00:48.960
Pull it too late, and those built-in safety features simply will not deploy.
00:00:49.280 --> 00:00:49.679
Ouch.
00:00:50.079 --> 00:00:50.320
Yeah.
00:00:50.560 --> 00:00:54.960
But that's the perfect way to look at it, really, because the timing dictates your level of protection.
00:00:55.280 --> 00:00:59.600
The cord in this scenario is your Medigap open enrollment period.
00:00:59.920 --> 00:01:00.880
Okay, the golden window.
00:01:01.280 --> 00:01:01.600
Right.
00:01:01.759 --> 00:01:06.239
It is a strict golden window lasting exactly six months.
00:01:06.560 --> 00:01:13.359
And the clock starts ticking on the first day of the month that you are both 65 or older and officially enrolled in Medicare Part B.
00:01:13.680 --> 00:01:14.079
Part B.
00:01:14.239 --> 00:01:14.400
Okay.
00:01:14.719 --> 00:01:15.200
Got it.
00:01:15.840 --> 00:01:21.120
So why does that specific six-month time frame carry so much weight?
00:01:21.280 --> 00:01:22.719
Like what is so special about it?
00:01:22.799 --> 00:01:25.840
Aaron Powell Well, because it is a protected federal window.
00:01:26.000 --> 00:01:30.640
During those six months, insurance companies are legally prohibited from using medical underwriting.
00:01:30.959 --> 00:01:31.519
Oh wow.
00:01:31.680 --> 00:01:31.920
Really?
00:01:32.239 --> 00:01:32.400
Yeah.
00:01:32.640 --> 00:01:40.640
That means they cannot look at your health history, they cannot deny you a policy, and uh they cannot charge you a higher premium based on any pre-existing conditions you might have.
00:01:40.719 --> 00:01:46.319
Aaron Powell So it's basically the absolute highest level of consumer protection you get when buying a Medigap policy.
00:01:47.920 --> 00:01:53.760
Well wait, I mean I see those TV commercials like every single October about the fall annual enrollment period.
00:01:53.920 --> 00:01:57.439
Doesn't that fall window just, you know, reset your options every year?
00:01:57.519 --> 00:01:59.359
It seems like you constantly have a chance to switch.
00:01:59.760 --> 00:02:02.480
Oh man, that is actually one of the most dangerous misconceptions out there.
00:02:02.799 --> 00:02:03.280
Wait, really?
00:02:03.599 --> 00:02:03.840
Yeah.
00:02:04.000 --> 00:02:08.639
The fall annual enrollment period does not reopen your original Medigap window.
00:02:08.879 --> 00:02:14.000
That fall period is primarily for changing Medicare Advantage and Part D prescription drug plans.
00:02:14.159 --> 00:02:14.560
Oh, okay.
00:02:14.960 --> 00:02:19.039
The six-month Medigap window is a strict use it or lose it protection.
00:02:19.280 --> 00:02:22.319
Once it expires, medical underwriting usually applies.
00:02:22.639 --> 00:02:23.599
So from that point on?
00:02:23.840 --> 00:02:30.080
Yeah, from that point on, unless you live in certain states with different rules, insurers can legally deny you coverage entirely.
00:02:30.240 --> 00:02:33.759
Or they can charge you significantly more based on your health.
00:02:34.080 --> 00:02:39.439
Man, that timing is incredibly unforgiving, which makes missing it a massive financial risk.
00:02:39.680 --> 00:02:40.240
It really is.
00:02:40.479 --> 00:02:46.560
And since that window is so strict, I want to gently remind you that we at Elite Insurance Partners can actually help.
00:02:46.639 --> 00:02:47.680
We do this every day.
00:02:48.000 --> 00:02:48.800
All day, every day.
00:02:49.039 --> 00:02:49.280
Right.
00:02:49.520 --> 00:02:55.680
If you're looking at your calendar right now and feeling a bit lost regarding your own timeline, you don't have to figure it out alone.
00:02:55.840 --> 00:03:04.639
You can simply fill out the form on the page this podcast is on, or call us at 877-324-1512, and we will answer any questions you have.
00:03:04.719 --> 00:03:07.439
Aaron Powell Because securing that timeline is just step one.
00:03:07.680 --> 00:03:10.800
But once you lock down the when, you really have to understand the how.
00:03:11.199 --> 00:03:14.719
And the golden rule from the source material is letters before logos, right?
00:03:15.120 --> 00:03:15.439
Yes.
00:03:15.759 --> 00:03:21.199
You need to compare standardized plan letters before you ever look at an insurance company's logo.
00:03:21.360 --> 00:03:23.680
Aaron Powell I want to make sure we understand the mechanism there, though.
00:03:23.840 --> 00:03:29.120
Are you saying the government actually forces these companies to sell the exact same product?
00:03:29.199 --> 00:03:30.319
Aaron Powell Exactly.
00:03:30.560 --> 00:03:38.080
In almost every state, with the exceptions of Massachusetts, Minnesota, and Wisconsin, Medigap benefits are standardized by letter.
00:03:38.400 --> 00:03:38.560
Okay.
00:03:38.879 --> 00:03:46.080
So a plan G from Company A has the exact same legally required medical benefits as a plan G from Company B.
00:03:46.159 --> 00:03:46.560
Aaron Powell Okay.
00:03:46.719 --> 00:03:51.280
So it's essentially like buying a car where you pick the exact make and model first.
00:03:51.520 --> 00:03:51.680
Right.
00:03:52.000 --> 00:04:02.560
Like you decide you need um a silver sedan with leather seats, which would be your plan G, and then you shop around different dealerships to see who offers the best premium for that exact same vehicle.
00:04:03.120 --> 00:04:03.680
Precisely.
00:04:03.919 --> 00:04:08.159
You find the letter that fits your medical needs and budget, and then you just compare the quotes.
00:04:08.400 --> 00:04:14.159
And actually, speaking of organizing all these moving parts, the source material offers what they call Eddie Ritz Pro tip.
00:04:14.639 --> 00:04:15.439
Oh, I like this part.
00:04:15.680 --> 00:04:16.399
Yeah, it's great.
00:04:16.639 --> 00:04:20.319
Before you submit any application, write down four critical dates.
00:04:20.560 --> 00:04:29.839
The date your current coverage ends, the date your Part B begins, the date your new Medigap policy starts, and the date your Part D prescription coverage kicks in.
00:04:30.160 --> 00:04:34.399
Because if those four dates don't perfectly align, you risk a gap in coverage.
00:04:34.720 --> 00:04:35.279
Exactly.
00:04:35.439 --> 00:04:44.879
Now, if aligning all these moving parts feels daunting, remember we are always here to help you figure it out at 877-324-1512.
00:04:45.120 --> 00:04:50.160
Yeah, getting organized early is ultimately your best defense against those coverage gaps.
00:04:50.319 --> 00:05:01.040
And again, if you want us to help you build that timeline and explore your options, just reach out to us at Elite Insurance Partners by filling out the form or giving us a call at 877-324-1512.
00:05:01.360 --> 00:05:04.879
But before we go, I do want to leave you with one final puzzle from the source material.
00:05:05.120 --> 00:05:06.399
Oh, the pricing models.
00:05:06.639 --> 00:05:07.120
Right.
00:05:07.360 --> 00:05:12.800
Even though those plan letters are identical in coverage, the way companies price them over time varies.
00:05:13.040 --> 00:05:18.240
Some use community rated pricing, where everyone in an area pays the same base premium regardless of age.
00:05:18.399 --> 00:05:18.639
Okay.
00:05:18.879 --> 00:05:24.800
But others use attained age rated pricing, where your premium automatically increases every single year as you get older.
00:05:24.959 --> 00:05:25.120
Right.
00:05:25.360 --> 00:05:34.399
So ask yourself how might picking the absolute cheapest attained age plan today silently become your most expensive financial burden a decade from now?
