The GAP Act: Switch Medicare Supplement Plans With No Health Questions
From The Retirement Nerds.
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A new bill in Congress, the Guaranteeing Access to Supplemental Plans Act (the GAP Act), proposes a federal annual open enrollment window for Medicare Supplement (Medigap) plans. During that window, insurance companies could not deny you or charge you more based on your health.
It sounds like a clear win. But in the states that already have rules like this, Medigap premiums are among the highest in the country, and people have fewer plans to choose from.
In this video, I walk through what the GAP Act proposes, how Medigap is regulated today, and what New York, Minnesota, and Arizona show us about the tradeoff between access and cost. I also cover what this could mean for independent agents.
This bill has been introduced. It has NOT passed.
Check out our resources at https://TheRetirementNerds.com/
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Erik@TheRetirementNerds.com
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YouTube: @theretirementnerds
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⏰ TIME CODES ⏰
0:00 The GAP Act
1:10 State Regulations
2:16 The Tradeoffs
2:58 States with Similar Rules
4:50 Cost Considerations
6:46 Supplement Plan Risks
7:19 Arizona Example
8:09 Minnesota Example
9:19 The Balance of Access and Costs
11:27 Where to Get Help
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#medicare #theretirementnerds #socialsecurity #retirementnerds #finance
Federal Disclaimer:
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
It sounds like a clear win. But in the states that already have rules like this, Medigap premiums are among the highest in the country, and people have fewer plans to choose from.
In this video, I walk through what the GAP Act proposes, how Medigap is regulated today, and what New York, Minnesota, and Arizona show us about the tradeoff between access and cost. I also cover what this could mean for independent agents.
This bill has been introduced. It has NOT passed.
Check out our resources at https://TheRetirementNerds.com/
=============================
Send me a message!
Erik@TheRetirementNerds.com
=============================
=============================
Be Sure to Subscribe to our Channel!
=============================
YouTube: @theretirementnerds
============================================================
Join our newsletter for monthly tips, book recommendations, and personal stories!
https://theretirementnerds.com/newsletter/
============================================================
⏰ TIME CODES ⏰
0:00 The GAP Act
1:10 State Regulations
2:16 The Tradeoffs
2:58 States with Similar Rules
4:50 Cost Considerations
6:46 Supplement Plan Risks
7:19 Arizona Example
8:09 Minnesota Example
9:19 The Balance of Access and Costs
11:27 Where to Get Help
=============================
#medicare #theretirementnerds #socialsecurity #retirementnerds #finance
Federal Disclaimer:
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
