My Medicare Supplement (Medigap) Rate is Going Up – What Can I Do?
Our clients frequently ask questions regarding Medicare supplement (Medigap) rate. Clients often want to know if their monthly premium will increase. Unfortunately, the answer is yes.
Premiums will increase over time due to factors such as rising health care costs and inflation. The percentage or amount of your increase is determined by the insurance company. Some supplemental companies may have blanket percentage increases for everyone insured. Other companies may give some plans a higher or lower increase. For example, a company may give members insured with Medicare supplement Plan F a six percent increase, while giving Medicare supplement Plan G participants an eight percent increase.
The good news is that you can change your supplemental policy any time of the year. When you receive a letter detailing an increase, it is important to get quotes and compare rates. By doing so you may be able to save money and maintain the great coverage you are accustomed to having.
Medicare Supplement Premiums
The cost of Medicare supplements (Medigap) policies can vary. Companies can charge different premiums for the exact same coverage. Example, Company A can charge $90 monthly for the same exact coverage that Company B charges $75. The timing of rate increases will also vary from company to company. Some companies may give you a rate increase on your policy anniversary date. Others may give an increase on your birthday.
Your Medicare supplemental (Medigap) company will send you a letter in the mail informing you of the upcoming increase. This notification is usually mailed 2 to 3 months prior to the increase. So, the big question… What can you do about increasing rates and how can you keep your rate as low as possible?
When you receive a notification about increasing rates, you may feel overwhelmed like the people in the picture above. No problem, give us a call. At Ricky Credille Insurance, we will do what we can to help. Our quoting tool allows us to quickly give you rates and comparisons of several different companies. After answering a few questions, we can give you an accurate rate quote. Our quoting tool also allows us to review each company’s market analytics which include information such as rate increase history, consumer rating, household discounts, and other data.
Comparing Rates
Comparing your current plan to other companies offering the same coverage is one of the first things we will do. Researching other Medicare supplement (Medigap) plans will also allow you to see if there is more money saving value by switching plans. Medicare supplement (Medigap) policies do not have networks. Changing from one Medicare supplement company to another will NOT affect your ability to see your medical providers. The only difference that you will see is a lower monthly premium for your coverage.
Our goal is to help you understand your options. By understanding your options, you will be able to confidently make an educated decision about your coverage. We want to make sure the premium you are paying is giving you the best value for your money.
We are an independent agency. This means we don’t work for an insurance company but work for our clients. We are licensed with multiple companies which allows us to research and shop for the best rates for you. If you are ready to save on your supplement, give us a call. Remember, we are “Your Medicare Headquarters”!
662-454-9800 – Belmont Office
662-269-8833 – Tupelo Office
877-756-9005 – Toll Free
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