As mentioned in a previous blog dated 1/6/21, Chris Carothers and I decided to try to help seniors in Nevada, by implementing the Birthday Rule for seniors. We are both colleagues and members of the National Association of Health Underwriters-Clark County Chapter. (NAHU is the national health insurance broker trade organization with over 20,000 members nationally.)
This birthday rule allows any senior on a Medicare Supplement plan to change their plan the month of and the month after their birthday and do not have to answer any medical questions. Meaning it is a guaranteed issue so no insurance company can decline you due to any health issues.
We worked together with our state Assembly and Senate and the Governor signed the bill into law on May 28th of this year. This is terrific news for Nevada seniors who may have purchased a Medicare Supplement and now the cost per month is too high for them to maintain the policy.
This rule, in Nevada, allows any senior who has a Medicare Supplement to change that plan the month of and the month after their birthday without having to prove they are insurable.
Previously, in Nevada, anyone 65 or older could buy a Medicare Supplement and not have to prove they are insurable. To clarify; this only happened when someone either turned 65 and went on a supplement or was older but going on Medicare for the first time.
Medicare Supplement is the only insurance that required you prove you are insurable after those dates mentioned in the previous paragraph, otherwise you could be declined due to a variety of illnesses. Please understand this rule only refers to a Medicare Supplement plan which is considered private insurance. The Medicare Advantage plans cannot ask any medical questions and must issue the policy regardless of your health.
Again, to make this perfectly clear any senior that has a Medicare Supplement in addition to Medicare Parts A & B can now change their supplemental plan the month of and the month after their birthday with guaranteed issue.
The Barend Agency Inc.
Len Barend, broker