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Should I Switch Medicare Supplement Companies?

You may have heard about people changing their Medicare Supplement company, but aren’t sure what the benefits are. Many people decide to switch Medicare Supplement companies for the same reason: to save money.

Why Should I Change My Medicare Supplement Company?

The first concept to understand before switching Medicare Supplement companies, is that Medicare Supplement plans are standardized. That means that if you have a Plan G, for example, you’ll get the same benefits or coverage, regardless of the carrier that you choose. Among other benefits, that means that you can keep your preferred doctor.

When you switch to a new carrier, the only difference you should experience would be the premium that you pay. Even though it is the same plan, every carrier can choose their own rates to charge. You can change your Medicare Supplement company at any time to get a lower premium.

Many carriers offer a “rate lock” for the first year of coverage, making this another advantage of switching Medicare Supplement companies. During this rate lock period, you don’t need to worry about increases to your premium.

What Are the Risks of Changing My Medicare Supplement Company?

There are two potential drawbacks to consider when thinking about changing your Medicare Supplement company. Some people will change their plan letter (such as Plan G to Plan N) as well as their carrier. If you switch plan letters, there’s a possibility that you might be dissatisfied with the new coverage. To prevent this from happening, we recommend that you go over the details of your plan before you change with your agent so that you can be confident in your choice.

In addition, on occasion, our clients will tell us that they are concerned about switching to a company that might go out of business. It’s important to know that the insurance industry is strictly regulated to prevent that from happening, and there are safety nets in place for you. However, to avoid worrying about this, we recommend sticking with companies that have positive AM Best ratings.

How Do I Decide if I Should Change?

The decision to change your Medicare Supplement depends on your unique situation. To determine if you should change companies, it’s a good idea to first shop your rates. If there is a lower premium for the plan you currently have, you can apply to change your coverage. We find that many people will even switch to a plan that has a similar rate. They’ll do this to take advantage of the rate lock, or a guaranteed rate, and avoid a rate increase from their current carrier. If there is not a lower rate available, you can stay with your provider, and feel comfortable knowing that you have the best rate available.

How Do I Change My Medicare Supplement Insurance Company?

The process of changing your Medicare Supplement company is straight-forward. Changing your Medicare Supplement company begins with applying to the carrier you would like to have. The rules on applying vary by state, but you will most likely need to undergo a process called medical underwriting. You don’t need an exam for this process, but you will typically need to answer questions over the phone about your health. Your agent will help find you a carrier that will be likely to accept you and help you submit your application. The process is low-risk because you can keep your current coverage in place even if you are declined by the new carrier.

When Can I Change My Medicare Supplement Plan?

A common misbelief is that you need to wait until the Annual Enrollment Period to change your plan or provider. Thankfully, this isn’t true. We know that your needs change over time, and sometimes over the years, your premiums will change, too. You can change your Medicare Supplement plan at any time during the year, as long as you are able to pass the medical underwriting.

The task of switching Medicare Supplement plans can be intimidating, but know that we’re on your side. Don’t worry about doing hours of research to compare your options – that’s our job. We’ll present you with our findings and suggest the plans we feel would best fit your situation.

Nothing on this website should ever be used as a substitute for professional medical advice. You should always consult with your medical provider regarding diagnosis or treatment for a health condition, including decisions about the correct medication for your condition, as well as prior to undertaking any specific exercise or dietary routine.

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