Did you know the benefits provided on a Medicare Supplement plan are structured by the federal government? For example, the benefits on the popular Plan F plan are the same at every insurance company that offers Plan F. The thing that varies is the premium. (I am using Plan F as an example. The same holds true for most of the plans offered as Medicare Supplement plans.)
If you receive a notice from your insurance company that your premium is increasing on your Medicare Supplement, you may want to have your Medicare insurance specialist look for the same coverage at a lower premium. For example, the premium for a Mutual of Omaha Plan F in Washington State is increasing by 15%. That’s $27.55 a month or $330.60 a year! If you are like most of us, you don’t have $330 to throw around. By switching to a Plan F issued by a different insurer, you might be able to save $500 a year or more. And, in Washington State, as in some other states, there are no medical questions or waiting periods when moving from one “like” plan to another – for example, Plan F to Plan F.
Your VibrantUSA Medicare insurance specialist is the best person to ask for specific guidance in your area. But, remember this: a rate increase on a Medicare Supplement plan should not be meekly accepted – you probably have money-saving opportunities you may not know about.