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What If My Medicare Supplement Rates Increase?
Medicare Supplement plans, like any other insurance, increase yearly. Rare instances occur where there is no increase, and the rate will stay the same or decrease. Unfortunately, this is not the norm. Rates tend to go up over time because of the enrollee’s age, location, and gender. Medicare Supplement plans are subject to inflation, and insurance companies must adjust their premiums from year-to-year to reflect the rising cost of healthcare, so prices increase. You should know that there are actions that you can take to avoid paying higher amounts. Consequently, you can receive more favorable Medicare Supplement rates, and you do not have to sacrifice any of the great benefits you are already receiving.
Get a Rate Quote from Another Carrier
If you love your plan G, adore your Plan N, or cannot seem to part with your trusty Plan F, it’s wise to get a quote from another carrier when prices increase. By law, if you change carriers and keep the same plan, you receive the same standard benefits of your plan coverage. For example, if you have a Plan G and switch to another carrier with a lower rate, you can sleep easy with the knowledge your coverage and benefits will not change. Also, you will continue to have the same network of doctors and specialists because there is no network with Medicare Supplement plans, and the coverage goes with you wherever you travel in the United States.
Consider Switching from Plan F to Plan G
We all know change is hard, especially with your Medicare plan. We spent all that time finding the perfect plan, but now rates climbed much higher. If you signed up for previously available Plan F, the “Cadillac” of Medicare Supplement plans, the decision to change might be difficult. However, financially speaking, changing plans is possibly the better decision. The average price of a Plan F for a 70-year-old is $204.52. In contrast, the average price for a Plan G for a 70-year-old is $159.29, so switching plans results in an average savings of $497.67 a year! Both plans have identical benefits, except Plan G does not cover the Part B deductible ($233 in 2022). The savings account for much more than the deductible, and you have a lower monthly premium! Here you have another practical way to save money on your Medicare Supplement plan.
Look at Plans that Provide a Household Discount for Your Medicare Supplement Rates
Generally, insurance companies offer household discounts by giving a percentage off monthly premiums when enrollees meet certain household criteria. A few examples are:
- Medico’s household discount is a premium-rate discount for those living with someone age 50 or older.
- Aetna’s household discount is for two people living in the same household with an Aetna policy issued in the same state.
- Humana’s household discount applies if both people in the same household have a Humana supplement plan. There is also a discount for online enrollment in some states.
These are a few prime examples of why rises in Medicare Supplement rates should not worry you. A deeper consideration of your options will help you combat inflation. Remember always speak to your licensed health-benefits advocate to ensure you find the proper plan best suited to your needs. Also, work with an agent you know and trust. Since its inception, Empower Brokerage has been happy to provide top-notch guidance and looks forward to helping you find ways to save during these expensive times.
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