When you purchased your health insurance through your employer you didn’t have many choices. But with a Medicare supplement plan you do have choices. You can change plans anytime of the year (if you are healthy but more on that later).
Why do people change Medicare supplement plans or insurance companies?
1. You're paying for benefits you don't need.
2. You need more benefits than you needed before.
3. Your current Medicare supplement policy has the right benefits, but you want to change your insurance company.
4. Your current Medicare supplement policy has the right benefits, but you want to find a policy that's less expensive.
Before you consider switching plans make sure that you compare Medicare supplement plan benefits and rates from all insurance companies in your state. That way you have a full view of all your options. Because all coverage benefits are the same from any company offering a certain plan ( Medigap plans have letters – Plan F is the most popular, Plan G is becoming popular in some states because of lower costs) it is easy to compare benefits and rates.
Here are some questions to ask about when you compare Medicare supplement plans:
Has the company been in this business a long time and has a steady track record of moderate price increases?
Is the company A rated so you can have confidence in its financial stability?
How is the customer service from the company?
How often does the company increase rates and what are those increases based upon?
Is there a household discount?
Are there extras available, like a gym membership or vision discount?
It is especially important that you understand how rates increase on your plan. Because if you get sick and can’t switch Medicare supplement plans you need to understand how the rates works as you get older. Remember, if the rates get too high and you can’t change to another company for health reasons, it may be time to look at a Medicare Advantage plan where you pay as you go for your health care rather than paying up front (higher costs) as you do in a Medicare supplement plan.