Medicare Supplement Plan Trends in 2017 – Shop Your Coverage

There aren’t any significant changes in the Medicare Supplement (Medi-Gap) Plans in 2017; however, that doesn’t mean cost savings aren’t available to those willing to shop coverage.

While the Medicare Supplement Plans are standardized, meaning a Plan F for example from AARP will have the identical coverage as a Plan F from Anthem Blue Cross, rates can vary widely.  This can mean Medicare recipients can be paying, in some cases, 50% more than is available with another company.  Additionally, while almost all Medicare Supplement plans rates increase each year due to inflation and increasing overhead costs, not all company’s annual increases rise by the same percentage.   Generally, and on the average premium cost rise 3-5% annually.  Occasionally, however, some carriers have a rate increase as high as 15 to 20%.

Because rates can vary tremendously between Insurers the least expensive or “best buy” on a policy one year may not be the next.  Consequently, it is extremely wise to shop your plan annually and specifically in the month before your birthday.  In California, a Medicare Supplement insured has the right to change to the same plan level (or lower) without answering health history or underwriting questions.  In other words, a person can move from Company A’s active Plan F to Company B’s Plan F (or N) if they apply in the 30 days before their birthday.  This is what the insurance industry calls a guarantee issue under the “California Birthday Rule.” 

In addition to shopping your Medicare Supplement plan annually it is important to compare rates from as many carriers as possible.  Why?  If you purchased your policy directly with a carrier, you call them and they say you are paying the lowest rate possible, you’re not really shopping your policy.  That insurer will only tell you the best rates they have – not the best rates available on the open market.   Also, look beyond an agent that only represents one or two carriers.  It is best to contact an insurance broker that represents multiple insurance carriers and plans. 

Consider contacting Margy Wenham Insurance Services when shopping your Medicare Supplement.  Margy Wenham represents every major Medicare Supplement insurance carrier doing business in California.  If you do you can be truly confident you are paying the lowest rate available.  Why pay more than you must?

_________________

Margy Wenahm has been working as an independent insurance agent for over twenty (25) years in Redding, California.  She can be reached at 530.221.0955, by email at Margy@MargyWenhamInsurance.com or through her Websites, www.InsuredByMargy.com, www.MedicareSupplementsByMargy.com.

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