Yes, you could be paying too much for your Medicare Supplement Insurance Plan. Medicare supplement insurance plans are regulated by federal and state law. What this means is every Medicare Supplement Plan is the same. Meaning Medicare Supplement Plan G with company A is exactly the same as the same plan with company B. The only variance between different Medicare Supplement plans can be price and a few include health and wellness programs. This is outlined in your Medicare and You Handbook that Medicare sends out to you every year.
So what does this mean to you?
This means that you should review your plan at least once every 1-2 years to make sure you are still in the right plan for you. Not keeping up with current Medicare Supplement rates could mean hundreds of dollars lost in insurance premiums. If your hospital, doctor, and specialists take Medicare, then you can continue to see those providers regardless of which supplement plan you have. Remember, the supplement plan benefits are regulated so why pay more to be with company A if company B can save you a lot of money?
Your local independent insurance agent can run cost comparison for you and tell you which rates you may qualify for. Then, all you need to get these savings is a quick application that your agent can help you complete. These savings can mean a world of difference especially for seniors on a fixed income.
Keep in mind you may have to go through “underwriting.” This means you may have to answer some health questions and certain health issues may hinder you from changing plans. Some carriers underwriting health questions can be harder to get through than others. Your independent insurance agent can help you with this.
Wouldn’t the best plan for you when you turned 65 still be the best plan for you now? Not necessarily. Every year there are different price increases so what might be a very competitively priced plan one year may not be a great priced plan down the road. The other variance you have to consider is if your agent is an independent or captive agent. There are some agents that can only sell one company’s supplement plan because they are captive to that particular carrier. So even if there was a better-priced plan on the market, if they did not have access to it, they may have put you in a plan that costs too much. Do not forget, if your agent does not specialize in Medicare Supplements, they may be limited to the different plans they have available to you.
It is important to find an agent that has your best interest in mind. This agent should specialize in senior health insurance and have many companies available to offer you. They should also be checking in on you regularly to make sure you are still happy and to ensure you are still paying the best price for your plan. If this isn’t happening, give Ashford Insurance a call at 817-952-3153.
Ashford Insurance has been specializing in helping seniors with their insurance needs since 2005 and would be happy to help you save money and ensure you are in the best plan for your needs.
Photo by Hatice Baran
