Medigap Monday: When Can I Shop My Medicare Supplement Plan?
We are half-way through 2019 and most people have received or will receive their Notice of Increase from their Medicare Supplement carriers. It’s a very common misconception that you can only change your Medicare Supplement once a year starting in October. However, that is untrue. The October to December annual enrollment deadline only applies to Medicare Part D drug plans and Medicare Advantage (Medicare Part C) plans.
If you have a Medicare Supplement plan, you can shop your plan all year long. One very important thing to remember about Medicare Supplement plans is that they are federally regulated plans. The letter of the plan dictates the coverage, not the carrier, so there is no reason to pay more with one carrier over another. So, if you received your Notice of Increase in the mail and you’re unhappy with the increase amount, you can contact your broker and have them shop the other carriers in your area for a better rate with the same exact coverage. You wouldn’t have to change your doctors, hospitals etc. because Medicare Supplements do not have networks. Medicare is their network, so if your doctor or hospital accepts your current Medicare Supplement plan, whether it be a Plan F or a Plan G, they will accept a new plan with a new carrier.
For example: If you have the Medicare Supplement Plan F and your premium has recently increased by $20, you can call a broker like my company, and they will shop all the available carriers in your area with your plan. Or should you want to switch to a more affordable plan such as the Medicare Supplement Plan G (the average cost of the Plan F is $600-$800 more a year in premiums than the Plan G), my company can help you save on the Medicare Supplement Plan F premiums by switching to the Medicare Supplement Plan G. The coverage is almost exactly the same except the Medicare Supplement Plan G does not cover Medicare’s Part B annual deductible of $185.
There is no need to over pay for your Medicare Supplement when all the plans coverage is the same, the only difference is price.
If you have any questions regarding Medicare, please give our office a call at 1-855-368-4717 or visit one of our pages:
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