In these difficult times, reducing your out-of-pocket healthcare expenses is of the essence. As much as you are aware, insurance rates increase regularly. Have you reviewed your Medicare supplement Insurance lately? If you haven’t, you might be paying more for less coverage. Regardless of what kind of policy you have, your Medicare supplement insurance plan is going to experience rate adjustments.
Fortunately, when you see another rate increase, you can change to another Medicare supplement insurance company offering lower premiums any time you want. There are no Annual Election Periods to work around. However, you should be aware that if you change plans you may be subject to underwriting. In most cases, you are not guaranteed issue.
You should consider reviewing your Medicare supplement insurance plan and the associated premium on a regular basis. You might be surprised to find out there are some companies that offer a lower price for one plan compared to the others offering the same policy. Companies can only change the price of the plan but not the coverage of the plan.
It does pay to shop around for the best way to meet your health care needs, and that’s true whether you’re looking at Medigap Plans or Medicare Advantage Plans. But, it doesn’t have to be confusing or time-consuming. Use our online resources to help, or give us a call to ask a few questions or schedule an in-depth confidential consultation. Our assistance is free, and you’ll get the benefit of many years of experience specializing in ways to help you get the most from Medicare.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.