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I’m turning 65 and will apply for Medicare next month when my 6-month enrollment window opens. I plan to choose a Medigap plan but am unsure how to select a carrier. I’ve reviewed Humble Dollar threads, done web research, and consulted Claude, but I’d value your personal experiences and wisdom.
One wrinkle: Our permanent address is in Texas, but we own homes in two states and may relocate in about five years. Should I choose a carrier highly rated in both states, or just where I am residing currently? I’m concerned that changing my permanent address might require new underwriting and, thus, affect my ability to stay in a Medigap plan.
Is the best way to solve this potential issue to choose a carrier highly rated in both states or just focus on my current state? Why or why not?
Triple check but I believe that the Medigap insurer you originally picked stays with you if you move to another county or state (and don’t change plans or companies). A few states even allow you to change companies and/or plans without underwriting or higher premiums (community pricing). Each state has an 800 SHIP (State Health Insurance. Assistance Program) hotline to connect you with knowledgeable folks.
You asked for personal experiences. I resided in North Carolina when I became eligible for Medicare. At that time Plan F was an option, providing very good coverage, and I went with it, and chose a nationally-known carrier with decades of experience and good reputation.
A few years later, we moved to Florida. No underwriting needed. No change in monthly fee. The transition was seamless. My same NC insurance carrier is still my Medigap policy-holder. The company is well-known throughout the US, including Florida. My advice is to choose the carrier that is highly-rated in both states.
I am so glad I decided to pay monthly for a Medigap plan when I became eligible for Medicare. The older I get, the less I would have wanted to deal with extra recordkeeping, pre-approvals, co-pays,and so on. I can choose a specialist recommended by other trustworthy doctors and friends, make an appointment, and easily schedule what I need.
Thanks, Chris. Great advice. I will plan to chose a carrier highly rated in Texas and Colorado. You chose a Medigap plan for the same reasons I will be.
https://boomerbenefits.com/what-to-do-when-moving-to-another-state-with-medicare/ See: Moving with Original Medicare and a Medigap plan
If you are in relatively good health, and paying an occasional $3,000 or so annual deductible in a particularly bad health year (Part A & B annual charges in excess of ~$15,000) would not cause undue strain on your finances, I recommend looking into a High Deductible Plan G supplement. The monthly premium savings are considerable in comparison to regular Plan G or Plan N.