I have been with my current Medicare Supplement company for a while now but they increased my premium quite a bit this year. So, I submitted an application with another company for a lower rate but I was declined. Do I have any other options?
First, it is important to know that this decline does not effect your current policy in any way. Your current policy will remain in force as long as you pay the premium even if declined elsewhere. Second, you will need to find out exactly why you were declined. The company can’t legally disclose this reason to anyone other than the person on the application. So, you will need to contact the company to find out the exact reason as to why you were declined. With this information the agent will be able to determine if you can apply to a different company. Every company has slightly different health questions. For instance, some companies will decline for insulin dependent diabetes while others will allow a certain amount of units per day. Some companies will check your health history going back 2 years while others go back 5 years. So, even if you have disqualify condition like a heart attack or a stroke once you get 2 years past the event you can start applying for a cheaper policy. There are some universally chronic disqualifying ailments like chronic lung conditions or neurological impairments.
There is also the chance that you were declined because of a mistake in your medical records. It is rare but I have had clients be declined for conditions listed in their medical history that were never actually diagnosed. So, once you have attained the exact reason the agent can evaluate what company to try next or if you have a more serious condition that prevent you from changing.