Have you shopped your Medicare supplement plan lately?

You might find unexpected savings by shopping your supplement plan
by: Ciarra Dobbs

If you have been a beneficiary of Medicare for a few years now, and haven't reviewed or shopped your Medicare supplement plan, you might be missing out on savings.

Each year at the renewal of a policy, if there is a rate increase, the company will notify you, the policyholder, through a letter that the policy is taking a rate increase of X percent. If you get these notifications and are wondering what you can do about it, the answer is easier than you think. Reach out to a local broker who represents several different companies and request a few quotes. 

In addition, reviewing what plan you are on can also generate savings if you and your agent conclude switching to a different plan is a better fit for your needs and budget at the time. For example, a Plan F is usually more expensive than a Plan G because of the coverage differences. However, the only difference between the two is Plan F pays your Part B annual deductible ($183 in 2018) whereas Plan G requires that you pay your Part B annual deductible of $183. Sometimes switching from a Plan F to a Plan G can generate a big savings, making the coverage changes worth it. 

Another important thing to note is all coverage is uniform; for example a Plan G with one company provides the EXACT same coverage as a Plan G with another company. Same goes for Plan F, N, etc. Sometimes fear of change in coverage deters policyholders from reaching out to a broker to explore their options. 


The last deterrent usually found when asking Medicare beneficiaries on why they don't review their supplement plan is that they don't know who to reach out to. If, when you originally became eligible for Medicare and enrolled in a supplement plan, you didn't have the guidance of a local agent, reach out to one. Find out who you mesh with and who you trust has your best interest in mind. In can be extremely beneficial in the long run. For example, I reach out to my clients to notify them of rate increases taken by the company their current supplement is with and to give them other options. I leave the decision up to them on switching, but always make them aware of their options, at is it is their budget and their coverage. 

Also, having a local broker who represents multiple companies can be beneficial because they are usually up to speed on the newest products available. For example, I will soon be offering a supplement plan that comes with a FREE gym membership. It is the first of its kind in the supplemental world! 

If you are interested in reviewing your supplement plan with someone local or you are interested in receiving details on the new supplement plan that comes with a free gym membership, reach out to me! I would be happy to give you the information and a quote in person, via email or over the phone.

Have a great week! 


Ciarra Dobbs
Senior Insurance Solutions
(573) 6925562
www.yourmedicaregal.com
Ciarra@seniorinsurancesolutions.com

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