Are you paying too much for your Medicare Supplement Plan?
There is a common misconception that you have to wait until the Annual Open Enrollment period (which happens in October 15 - December 7) to review and change your Medicare Supplement Plan (Medigap). You don't!
You may want to review your plan options for several reasons, including:
- You are paying for benefits you don’t or may never need.
- You need more benefits now than when you first bought your policy.
- You are not satisfied with your insurance company.
- You want to find a policy that is less expensive.
You will have to answer some medical/health questions if you are looking to change Medigap plans, so it is important to note that you usually need to be in good health to change plans and get a lower premium.
Not sure what a Medicare Supplement Plan is?
A Medicare Supplement Insurance (Medigap) policy helps pay some of the health care costs that Original Medicare doesn't cover, like:
Medigap policies are sold by private companies.
Some Medigap policies also offer coverage for services that Original Medicare doesn't cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, here's what happens:
- Medicare will pay its share of the Medicare-approved amount for covered health care costs.
- Then, your Medigap policy pays its share.
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.