Benefits of an Annual Medicare Supplement Insurance Review

1 Sep, 2015

Benefits of an Annual Medicare Supplement Insurance Review

Benefits of an Annual Medicare Supplement Insurance Review

When I help most folks select a Medicare supplement plan, they generally want to remain loyal to one insurance company for as long as possible with little or no increases in premium.

None of us enjoys shopping for insurance, but if there’s an opportunity to save money it’s important to take the time to research the options. Just like car insurance, 15 minutes can save you 15% or more on Medicare supplements!

We all know Medicare Supplement plans will have increases, unfortunately, we don’t know what the rate increases will be in the future for the insurance companies we work with. Keep in mind insurance plans, like other products, are affected by inflation and rising health costs. Therefore, the price of your Supplement premium could go up each year, regardless of the type of pricing method. Some companies may increase rates more rapidly than others, some have certain age brackets and regions where their pricing is more competitive.

The cost of your Medicare Supplement plan will also depend on your age, gender, where you live, and on whether the insurance company offer discounts for any of the following:

  • Non-smokers
  • Household members
  • Married people who buy two policies
  • Those who pay their premiums using electronic funds transfer
  • Those who pay their premiums yearly

Time For Your Annual Medicare Supplement Insurance Review                                                         

Often times it is not the insurance company but rather, the plan you have selected that is driving your cost higher. For example, Plan F is very popular, but it is also more expensive compared to a Plan G which offers identical coverage except for the Medicare Part B $147 deductible. I have guided couples to save thousands of dollars by simply moving from Plan F to Plan G. Because circumstances change each year I recommend to evaluate your options annually and be sure you are not overpaying for your insurance.

Evaluating your insurance annually will positively result in two ways:

  • A) You will see if you are still getting a good deal and stay where you are.
  • B) You will find a better solution and save money.

IMPORTANT TAKEAWAY

You can change Medicare Supplement Plans any time you want as long as your health status allows you to be approved by the new insurance company. Insurance companies can accept or  decline you after your initial open enrollment period. I urge my clients to carefully consider using only “A rated” carriers in the event their health no longer allows them to switch to a new plan. Eventually, we will lose the ability to change carriers as we age and our health declines so it is important to think for the long-term as well.

So now you know the benefits of an annual Medicare Supplement Insurance review.

Take Care!

Greg Downing

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