How to lower my medigap rate

As in everything else, Medicare supplement insurance rates go up each year.  If you haven’t reviewed your rate in a while you may be able to make adjustments and save money.

The biggest misunderstanding people have about changing a Medicare supplement is when the change is allowed to occur .  Changes to a Medicare supplement can be made at anytime.  It is not necessary to wait until the end of the year.  The requirement to wait until the end of the year is for Medicare Advantage plans only.

When applying for a new Medicare supplement you will have to answer underwriting questions.  Don’t cancel any current insurance until AFTER you have been ISSUED a new policy.  After you have been issued the new insurance you have 30 days to cancel it.  This is called the “free look” period.  There are no penalties for canceling during the free-look period and any premiums paid will be refunded.

If you have a Medicare Advantage plan you cannot make changes in the middle of a year unless certain situations occur:

  • Moving out of the plan’s coverage area
  • Loosing coverage from a employer or union group
  • Your current Medicare advantage plan is no longer available in your area
  • Certain “Trial Rights” to Medicare Advantage or Medicare Select plans

One other way to save money is to change plans.  Plans like Plan F that cover everything that Medicare doesn’t cover costs more than a plan that has some cost-sharing.  Often a plan with a small amount of cost-sharing could save you money over the course of the year.

If you haven’t checked your rate or plan recently, call or click on “Quote Me!” to get a no-hassle quote.

 

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