The time of year for renewal letters from Medicare Part D and Medicare Part C with Part D is included in the record for millions of retirees. And while most of these recipients will receive a renewal letter about next year’s premium, an unfortunate few will receive a letter stating that the policies they have used until now are leaving them in the position of having to find a new coverage for the next year or risk being uninsured. Financial advisers need to know what to say to clients in this situation, so they can get the coverage they need.

How To Help Customers When Their Medicare Policy Is Canceled

In most cases, when an insurer interrupts one of these actions, it will only affect those under the age of 65 who are not present on Medicare. The reason why the carrier cancels one of these measures is normal for business reasons, and the carrier will often continue to offer other policies that are very similar to those they were suspended. The media has devoted a great deal of coverage to these cancelations, which has caused concern by many elderly people about whether this can affect them.

Those who lose their coverage must absolutely start looking for new coverage by January 1, in order to maintain a continuity of protection. But when a Medicare Part D or C plan is interrupted, the sufferers get additional time to find replacement coverage. They will have to participate in a new plan until February 28, and those who sign up in January or February will begin coverage at the beginning of the following month.

But those who have not registered at the end of February will probably not be able to subscribe to another plan until the beginning of 2018. This is, of course, leaving them without coverage for a full year, which can be very costly, especially if significant healthcare costs arise. Those who do not C and D coverage will also have to pay deductibles, copayments, and co-insurance costs for parts A and B out of pocket if their Part C plan had previously compensated them for this cost. But perhaps the worst part of missing registration is that the late enrolled who jumps one year will have to pay a 12% late enrollment penalty each year from then on after they register in the future.

Caregivers who may be unable to handle their own affairs should look for Medicare messages, so that if their patients receive a letter saying their coverage has been interrupted, action may be taken in time to avoid loss of coverage. And children with older parents are wise to ask their parents if they have received any announcements from Medicare.

Those who are notified that their Medicare Part C and D coverage is set will have plenty of time to find replacement coverage. The important thing is to take action as soon as possible and recruit resources such as ships in order to ensure a smooth transition of coverage. For more information, see https://www.o27.org/.