Medicare beneficiaries should review their Medigap plans yearly to make sure they are not paying too much money.
But, before you do anything about changing your Medigap policy there is an important issue you need to consider.
Can You Get Through Underwriting?
When you first enrolled in Medicare, either through a special enrollment period or your turned 65 window, your Medigap plan was guarantee issue. What that means is there were no medical questions or exam. You won’t have this right if you are simply looking to get a better rate on your coverage. So, before you consider a move, make sure you’re able to get through basic medical questions. For a detailed look at when you have guarantee rights, check out the guarantee issue rights at Medicare.gov
Medigap Policy Rates Increase Yearly
Many Medicare beneficiaries stay with their original Medigap choice for years accepting the rate increases with no questions asked.
It’s set it and forget it kind of thinking. And it can cost you money.
If you’ve decided to look and see if a Medigap change is possible, we’ve assembled a list of five things that could save you money if a Medigap policy switch is a good fit for you.
Five Things to Consider When Looking at Medigap Premiums
It is common for Medicare beneficiaries to forget about the options to renew every year. Unless there are health issues that may hinder getting a new policy, it’s a great idea to look around and see if there are more affordable plans.
Consider Plan Options
Needs change, so maybe your Medigap plan can change too. Health care coverage is a persona decision, and when you look at your health needs and cost over the past year, maybe you’ll find that a different plan suits you better.
Name Brand or Not
Familiarity with big brands puts them at the top of many Medicare beneficiaries list. But there are very good companies that are now household names offering great coverage. Look at the overall ratings to see how different companies compare.
It’s surprising, but there are couples that don’t take advantage of household discounts. If you are in a household with another beneficiary, you can generally get a household discount. Most senior insurance plans offer this option.
Compare plans before you change. Your agent should be able to give you a few choices of Medigap plans. And keep in mind, different agents carry different companies, so it’s a good idea to ask the agent you’re talking to what companies they represent.
Regardless of how you choose to do it, you should review your plan options every year. You can call 248-860-6249 or contact us online here and we’ll be glad to help you out.