There are millions of people out there on SSDI that eventually qualify for Medicare coverage (after 24 months). To us, when someone is on SSDI, it is sort of a no-brainer that we may come to the conclusion without even asking them about their health that… they may have some health challenges (sarcasm).
We will routinely place a person on SSDI into a Medicare Advantage plan UNTIL – a big, big word UNTIL – they turn 65.
Medigap plans cost a small monthly fortune when someone is under age 65. Think about it. The carrier is pretty certain that they will inherit costs AND they are not required to offer all plans to the under 65 marketplace. This leads to very few (and typically expensive) selections for that person in their state/zip code.
When that person reaches age 65, they get a DO-OVER with Medicare. This means that they get the opportunity to buy a Medigap contract with a six month enrollment window where they do NOT have to answer any medical questions.
My first meeting today is with a person that was sold a Medicare Advantage plan at age 62 (that’s fine) but at age 65 was given the “cadillac” Medicare Advantage plan instead of introduced to a Medigap contract. Horrible says me. Now age 67 and friends and advisors are saying “you messed up”. I’m siding with the friends and advisors.
Well – good part is that I believe we have one carrier that can work this fall when we try to make a move to Medigap.
FAs, CPAs, HR and group people…. Please treat Medicare decisions as very important ones. Thanks, signed your client.