All You Need To Know About Changing Your Medicare Supplement Plan
Should I change my Medicare Supplement plan yearly? Short answer: No, you do not have to renew your Medigap supplement plan each year.
All Medicare Supplement plans are guaranteed to be renewable for life as long as payments are made for your premium on a monthly, quarterly, semi-annually, or annual basis.
However, we recommend reviewing your Medicare supplement Insurance plan every few years to ensure you are paying a fair market price.
Why is my Medicare reviewed each year?
Your Medical health circumstances can change year to year, and even if you do not need to renew your medicare supplement plan, review your plan to make sure it is the best plan for you.
Medicare Supplement plans prices can and do change, such as the circumstances in our lives. Understanding your current situation and what each plan has to offer yearly is a good idea.
Medicare Supplement Rates Change
Comparing Medicare Supplement prices is a great way to decide if the best plan is covering your needs.
Medigap insurance rates increase each year. If your rate is high or your current plan does not work for you, changing to a new plan may be the best option.
I Need to Change My Plan!
The first question to ask yourself is, “Do I have the coverage I need?”
If you are happy with your current Medicare supplement plan’s content, you need to look for a new Medicare provider or insurance company.
However, if you are unsure or know you want to look for a new medicare supplement plan, rest assured, we’re here to help you navigate the different plans to meet your needs and budget for your new Medigap Supplement plan.
Are you comfortable with the premium and out-of-pocket costs?
The premiums, deductibles, copays, and coinsurances can vary from year to year. On a Medicare Supplement plan, the change is less drastic than a Medicare Advantage or prescription drug plan.
Is my provider or pharmacy going to be in-network with my plan for the new year?
If you have a Medicare Supplement plan, yes, your provider or pharmacy will still be in-network as long as they still accept Medicare. Medicare Advantage plans, however, have a restrictive network, and providers may opt-in or out yearly.
If this is the case, or if you qualify to switch to a Medicare Supplement plan, our Plan Medigap team is here to help!