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How to Be a Financially Savvy Medicare Supplement Policyholder

With all the joy of the holidays upon you, sometimes it’s hard to bother evaluating your health insurance. Heck, it can be downright annoying to have agents call you a few days before a large family gathering. However, I would like to stress the importance of being mindful of what you spend on your health insurance. You’ve seen the Geico commercials, right? Switch now, save big! While I don’t sell car insurance, this same strategy applies to most insurance. My article is a wake-up call for Medicare Supplement policy owners. Next I will talk about my acronym, CHAPwhich represents 3 features of Medicare Supplement Insurance that will help you evaluate the competitiveness of your policy.

The first letter of my acronym is “c“, that means bearer. Which carrier is your policy with? This matters. Although Medigap plans are standardized, carriers may charge different rates, in different zip codes. For example, in my zip code, a local carrier is the most competitive, but a few zip codes north, that same carrier has higher and less competitive rates. The bottom line? Call an agent to see if the carrier you’re with is top dog in your zip code; you may need to call multiple agents to get the right answer.

“A” it means It was about politics. How long have you had this particular policy?

Want to hear something terrifying? I just spoke with a senior who has had the same Medigap plan for over 20 years.

It kills me when I hear someone say “I’ve had the same policy for years” in a proud way.

Every year, your rates go up, despite your good health. Every few years it is financially smart to get your rates compared to the rates of other carriers in your zip code. If you bought a policy with a major carrier in your area, you may have to wait 3-5 years before the switch is worth it. Although, what I’ve found is that many people get stuck with policies with carriers that aren’t the most competitive, leaving those policyholders with no idea how much they could save if they’d chosen the right carrier. How can you make sure this doesn’t happen to you? Shop around, use the power of consumerism to ensure you purchase the best policy.

“p” it means Plan type. Many people purchase a Plan F, because it is more comprehensive in its coverage. However, some people have never heard a word about the other types of plans available. For example, Plan G is identical to Plan F except that it does not include the Part B deductible of $147 (2013-2014). Many people switch from Plan F to Plan G and end up saving hundreds, even with the $147 factored into the equation.

Now is the time to evaluate your Medicare Supplement policy. Please use my acronyms when deciding if your policy is still competitive or if you are buying a policy for the first time, these same acronyms can help you make sure you buy the best policy in your area . That gentleman I spoke to could save over $1,000 a year by switching — how much could you save? Definitely worth checking out!

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