Medicare Supplement plans do raise their rates. However, contrary to popular belief, there is no annual enrollment period for Medicare Supplement plans. So, regardless of when you see an increase in your premiums, you may be able to find a better option as long as your health is relatively good. Insurers are still permitted to decline your application if they think you will have a lot of claims.
You may find a few open enrollment periods on Medigap insurance, but that’s up to the discretion of the insurance companies. Anthem, for example, is offering Medigap open enrollment until the end of 2011. They will let you change from your current Medigap plan to one with fewer benefits regardless of your health problems.
This can be a great opportunity if your current plan is eating up too much of your monthly budget, but you don’t want to give up all Medigap benefits. Outside of this open enrollment, most insurers would not accept an application for any Medigap plan from someone with serious pre-existing conditions. That only leaves the choice of continuing to pay high premiums or dropping all Medigap coverage.
Since there are 10 different forms of Medigap insurance, you may be able to find one that fits your budget and saves you the money you would have to spend on health care that’s not covered with Medicare alone. Medigap Plan A has the fewest benefits and is priced accordingly. The plan with the most comprehensive coverage is Medigap Plan F, and there’s a range of coverage options in between. You can learn more about Medigap policies here on our website and even call us to get our professional opinion, for free.