Are you new to Nevada? While there are many benefits of moving from California to Nevada, NV Silver wants to remind senior residents of a new health insurance law they will find useful. This advantage is known as the Nevada birthday rule.
You can think of this law as a special birthday gift from the state of Nevada. While Medicare providers are obligated to inform you of open enrollment for the birthday rule, reaching out to an insurance broker can help you make a quick and informed decision in the future.
The birthday rule is an insurance law that allows seniors with Medicare (also known as Medigap) to lower their insurance rates and save money on prescriptions each year. Most importantly, you are not required to answer health questions that could harm your eligibility or higher your rate. Just keep in mind that your replacement plan should offer equal or lesser benefits for you to qualify.
All Medicare Supplement plans experience at least one rate increase every year. This Nevada health insurance law allows you to shop for plans in your budget around your birthday. Now you can switch your coverage to receive the lowest rate even if your health status has changed. Just follow the requirements for switching plans, and you are guaranteed to be accepted.
*Keep in mind: You have to already have Medicare Supplement, or Medigap to use the birthday rule.
Most people are under the impression that they can only change their Medicare Supplement benefits during the enrollment period, but this isn’t true. Instead, you can switch your plan anytime, but be ready to answer a series of health questions to qualify. Avoiding these questions is what makes the birthday rule so special. Now you can switch plans and never worry about being disqualified from receiving coverage for new health concerns.
One thing to keep in mind is that you can only use the birthday rule around your birthday. You are qualified to switch providers or plans beginning on the first day of your birthday month. The window for enrolling and avoiding new questions lasts 60 days, so you should act fast. Talking with a licensed insurance broker helps you streamline the process and guarantee you receive the best coverage and price possible.
The birthday rule is the best way for you to receive affordable health coverage all year long. Contact us now or visit our site to see how we can help you understand and use the birthday rule to your advantage. NV Silver has an insurance broker in Reno ready to work closely with you and guide you through the process.