Did your Medigap rate go up in the middle of year? Don’t get mad – get even. Contrary to popular misconception, you can change Medigap plans at any time – not just at the end of the year. So there is no reason to pay “extra” premium since coverage is the same with all of the plans.

So, if your Medigap rates go up – and they will – the first thing you should do is see what other options are available for your age and zip code. It is likely that you can reduce your costs for equal coverage. In most states, there are 50 or so companies that do Medigap plans and each of them may be competitively priced in different areas, at different ages or for different standardized plans.

Many people make choosing a Medigap plan out to be a “lifetime” decision. While it is certainly ideal to choose a plan that is continually the most competitively priced and most financially stable, the reality is that insurance rates go up – Medigap rates go up, just like your homeowners or auto insurance rates. If you do not “shop” it to make sure you have the best deal, put simply, you won’t have the best deal.

So, when your rate goes up, what should you do?

1. First, pay close to attention to how much it is going up and when. This information will be important to know in “shopping” other rates. Also, make sure you know which plan you have (i.e. G, F, N). Since plans are standardized, you can compare “like” plans.
2. Second, we recommend that you contact an independent brokerage so that you can compare multiple companies in a centralized, unbiased place. While you can certainly call all of the 50 or so companies individually to get their rates, it does not cost you anything to use an independent broker. In fact, the knowledge that they hold can be invaluable, save you hundreds of dollars and is free to you.
3. Compare plans with an independent broker. This can typically be done online if you are familiar with using a computer. Be careful about sites that display the rates online. There are two problems with this – it is very difficult to keep (and therefore very unlikely) these rates up to date as rates are always changing. Second, some companies do not allow their rates to be published online, so it is likely that you are receiving partial information. Most agencies will send you this information by email without requesting personal information.
4. Once you have the information, you can compare “like” plans and make an informed, educated decision. The two factors to look at are rates and ratings. It is best to be with a higher rated company, all other things being equal, but the premium is the most important thing to consider.

If you have any questions about this process or would like to get a Medicare Supplement comparison for yourself (even if your rate didn’t just go up), it is likely that you can save money. You can reach us at 877.506.3378 or online at Medigap-Quote.com.