Do you have a Medigap (Medicare Supplement) plan but your shopping for a better rate?
Medigap insurance is also known as “Medicare Supplement” insurance.
We’ve discovered that many Medicare Supplement (Medigap) insurance brokers will sell a Medicare Supplement to a consumer and not check back with them annually to re-consider options. Over time the client forgets who their Medicare Supplement agent was and they begin researching other plans after their charges go up. (This is where we step in)
There’s actually nothing to lose by switching if you can save some cash and get the exact same benefits you had before! Insurance is one of those products you should always be shopping around for because rates fluctuate and benefits change. For seniors who rely on Medigap to supplement their Medicare, that may not seem like an option. Medigap is a unique insurance situation. Once a person moves out of that enrollment period, shopping around becomes more complex. One must weigh the pros and cons of making a change.
After we switch our purchasers Megap plans this is usually what occurs:
1. They are going to pay less for their plan
2. They’ll pay it to another Medicare Supplement (Medigap) insurance company
3. They may have a unique Medicare supplement insurance company’s logo on their card
Apart from the above they:
1. Can continue to see the same medical doctors
2. Claims will continue to be paid electronically
3. Medicare will still make the claims choices – not the Medicare Supplement (Medigap) insurance company
Switching to another company is a fairly straightforward and the application typically takes about 15-20 minutes to complete and we will do most of it for you over the phone.
A Little about Medigap
Medigap provides additional coverage to individuals who have Medicare as their health insurance. Medicare pays for basic medical services but has some drawbacks. With part A and B, a person 65 or over might have to cover on their own deductibles, co-pays and co-payments. That out-of-pocket expense adds up quickly.
Medigap is private insurance that supplements the Medicare coverage. Instead of worrying about one big bill, senior citizens make monthly premium payments. The downside to Medigap is the six-month open enrollment period.
Medigap Open Enrollment Period
For the first six months a person is eligible for Medicare, they have an open window to purchase Medigap supplemental insurance. During this time, the insurance providers must abide by restrictions established by the federal government.
Private insurance companies cannot consider existing health problems when they price a policy, for example. A diabetic individual gets the same plan as someone who has no chronic illness. Every person on Medicare is eligible for Medigap insurance during the enrollment period.
Once enrollment ends, the rules change. Insurers employ medical underwriting to price a policy. That means a diabetic may pay more for insurance or possibly not even qualify for coverage. That is true regardless of whether you are signing up for your first policy or looking for a better option.
Shopping around for Medigap Insurance
The end of the enrollment period does not necessarily mean the end of your options for Medigap supplemental insurance. Policies change all the time. It is possible a year, or even five years, after you buy Medigap a better opportunity will come up. Reviewing the options available regularly makes sense.
Those shopping for a new policy after the enrollment will go through an application process. In some cases, a person may not qualify for a new plan even if they currently have Medigap. Insurers are not bound by the same restrictions as they were during the six-month purchasing window. They have the right to consider your health and refuse the policy based on a preexisting condition.
A broker can evaluate your current situation and tell you what is available in your state. Her or she will discuss your medical status with you and make recommendations based on the facts.
It is always a good idea to purchase insurance through a broker, but it becomes even more important when you are looking for a better rate for Medicare supplemental coverage. It is the job of the insurance professional to let you know if making a change is the most practical solution.
Our agency helps you understand the different types of Medigap plans & options available to you in your specific state. We will compare and explain each plan along with giving you quote details on the carries in your area. If you would like to speak with a specialist about your options or to get a better understanding of Medicare and Medigap insurance please give us a call at (855) 321-3210. If you are just looking for a quote comparison please fill out the form on this page and one will be available to you.