Time to Shop

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By David S. Edge

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We have just completed the Annual Election Period where folks with Medicare Advantage plans and independent Part D Prescription Drug Plans can switch plans with their new selections starting January 1, 2017. There are lots of happy folks out there that are pleased with the research our staff was able to perform for them and their choices for 2017.

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So now what?

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If you have a Medigap (Medicare Supplement), did you know you can switch your plan or carrier any month of the year? Now I know what you are thinking, “why would I do that?”

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What you have to realize is that your monthly Medigap premium is based on age, smoker, non-smoker, and even your zip code. Every year you have a birthday, your premium increases as these plans are age sensitive.

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The government inspects these carriers usually once a year to ensure they are funded correctly. If the carrier’s Medigap fund is underfunded, the government, not the carrier will instruct the carrier to increase their monthly premium and get back to 100% funding. These reviews can cause the carrier to increase or even decrease their rates.

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Over the years, we have seen both increases and decreases from the annual reviews.

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So there are two ways you may experience a rate change with Medigaps. Having a birthday, may result in an increase, or the state’s Department of Insurance review where you can see an increase or decrease in your monthly premium.

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Point is, you should shop your Medigap plan and carrier to see if you need to switch to keep your money where it belongs, in your pocket!

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Remember, you must be healthy with no chronic conditions in order to switch. There is no doctor or medical exam, just a medical questionnaire you must answer in order to see if you qualify.

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If you would to like to check out your options to see if you can save money, give us a call! We’re here to assist you with your research! Now is the time to call and schedule your “Medicare Supplement Review” to see if you could be saving!