What happens if my Medicare HMO goes out of business?

You have several choices:

• Return to the original fee-for-service Medicare plan
• Supplement your fee-for-service Medicare plan with a Medigap policy
• Enroll in another Medicare Advantage managed care plan if one is available in your area

The decision to return to your original fee-for-service Medicare plan is an important one. Make sure you consider your need for Medigap insurance before you disenroll from your HMO. You can disenroll in early October when you receive the final notice from your HMO. This will give you time for your Medigap policy to start on the first day of the next month so you will not have a lapse between plans. A disenrollment form is available from your HMO plan administrator or a Social Security Administration office.

You can stay with your HMO until the end of the year. You then have 63 days after your HMO coverage expires to purchase a Medigap A, B, C, or F plan with guaranteed insurability. This means that the Medigap insurance company cannot turn you down for pre-existing conditions or discriminate in the price of the policy because of your health or claims experience.

Carefully read the information you receive from your HMO, which should explain your options and provide a list of other Medicare Advantage plans available in your area. A disenrollment form is not required if you go to another HMO. If you have questions, call your plan administrator or Social Security Administration office.

If you have questions or need assistance, contact the Experts at Henssler Financial:

• Experts Request Form
• Email: experts@henssler.com
• Phone: 770-429-9166

Disclosures: The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.