Senior Insurance Bill of Rights
As a senior citizen, you have worked a lifetime to build up assets and want to take precautions to protect yourself and those assets. Purchasing insurance that meets your needs can be challenging; sometimes a product is pushed on you, sometimes you can't get what you want. Also, as your financial situation changes over time, it is important to review your insurance policies to decide if the same terms and types of insurance are still right for you.
It is illegal for an insurance agent, broker, solicitor or insurance company to misrepresent the terms or benefits of any insurance policy [California Insurance Code (CIC) §780, 781]. Further, a prospective insured 65 years of age or older is owed a duty of honesty, good faith, and fair dealing by an insurer, broker, agent and others engaged in the transaction of insurance [CIC §785, 10192.55, 10234.8]. If you are contemplating purchasing a new or replacement policy, please take note of the following precautions:
1. Obtain all proposals in writing.
2. Don't be pressured into buying any insurance product.
3. Take enough time to review the information before making any decisions.
4. Do not sign anything you do not understand.
5. Consider having a trusted family member, friend or advisor participate in discussions concerning the purchase of any insurance product.
6. Make sure the agent, broker and insurance company are properly licensed to sell the product you are considering purchasing.
7. If you apply for insurance and are refused, you may ask your insurance company for a written explanation of the specific reason for the refusal or denial of insurance requested [CIC §791.10].
Additionally, there are special protections related to certain insurance products.
Keep all of your Doctors with Medicare Supplements.
MOST ALL MEDICARE ADVANTAGE HMO type PLANS & MOST ALL PART D DRUG PLANS CHANGE EACH & EVERY YEAR.
I will go over ALL Medicare Medigap Supplemental plans available at my seminars with the facts and make my recommendations. I will always first recommend plans that have the lowest out of pocket limits, lowest co-payments or no co-payments at all. I study ALL plans each and every year in order to preserve your social security income and savings. I have found the plans that most people enjoy are the ones with NO co-pays, and NO deductibles...not zero monthly premiums.
I have not found one person yet that loves paying co-payments or deductibles. This can only be achieved with a Medicare Supplement Plan F, not on any Medicare Advantage plan. Instead of paying "zero" a month, one would pay a monthly premium and NO co-payments and NO deductibles when utilizing Medicare covered services. Utilized anywhere in the United States of America that accepts Original Medicare.
I search for the lowest cost Medicare Supplement premiums from dozens of Insurance Companies for each person depending on age and zip code.
Again: MEDICARE ADVANTAGE PLANS & Part D Drug Plans change EVERY YEAR. MEDICARE SUPPLEMENT benefits DO NOT EVER CHANGE and are Grandfathered.