You have a Medigap policy to supplement your Original Medicare and you love the freedom and flexibility that comes along with it.  The ability to travel and see any doctor in the entire US without referrals or increased cost-sharing is really important to you.  Not having to wait for preauthorization from the Medigap policy before performing testing or procedures is another big bonus. You were able to get that MRI your doctor ordered the very next day.  Most importantly you can plan your monthly budget without worrying about large surprise healthcare costs.   All is good, except for one aspect. The premium. It seems that you are receiving rate increases at an alarming pace and you wish there was something you could do about it.

You can! If you are in fairly good health, you can lock into a lower rate, even without a special enrollment period (SEP). Let us explore this. The benefits of Medicare supplement plans are standardized, meaning that all companies offering a certain type of plan (eg- Medigap plan G) have to offer the same coverage and benefits. See the Medicare and You guidebook (page 77) If Medicare approves the service, the plan will automatically pay its portion as mandated by Medicare in a seamless automatic electronic claims process. Different companies can charge different premiums for these same standardized plans. Actuaries work with insurance companies to determine what they need to charge to cover all claims and expenses and still turn a profit. If a new plan becomes available in your area, or a new discount is currently being offered, you can take advantage of the savings while keeping your same benefits upon approval into the new supplement plan. Before switching it is important to ensure the new plan is reputable, has good financial strength, and will be easy to work with if any issue arises.

If you can pass some simple health underwriting questions (no physical required) you can qualify for a lower rate!

Wondering what underwriting questions are asked?

Speak to a licensed knowledgeable agent today. Get your quote today

Disclaimer: Views expressed by the writer are not a representation of CMS/ Medicare/Medicaid or any government entity. Never cancel current coverage until you are fully approved for the new rates.