Medigap Rate Going Up Mid-Year – Don’t Get Mad, Get Even!

January 30, 2013 by Leave a Comment

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.

Filed Under: Frequently Asked Questions, Medigap Plans Tagged With: , , , , , , , , , , , ,

Online Medigap Quotes – What You Can Get Online and How To Get It

September 17, 2012 by Leave a Comment

Getting online Medigap quotes is increasingly easy to do. Many people choose this method for comparing and selecting plans, and it is, in most cases, the most advantageous way to “shop around” in an unbiased and low-hassle way. Many insurance companies in the Medicare Supplement marketplace do not allow their rates to be publicly-published online, so the way to see quotes for all of the options in your area is to receive them by email. There are companies out there that promise to offer the rates online; however, keep in mind that you will not be seeing all of the options as many companies have strict regulations against publication of their rates on public-facing computer systems.

So, what are the steps to getting a Medigap quote online? It’s pretty easy to do really. Here are the steps to follow:

  1. The first step is to understand what you are looking for and what the plans cover. There are 10 standardized Medigap plans. All companies are required to offer from this standardized list of plans, although they don’t have to offer all 10. So, comparing plans is relatively easy – an ‘F’ plan with one company is the same as an ‘F’ plan with another. Two important things to note that are common misconceptions and relate to understanding the plans:
    • There is NOT an annual enrollment period for Medigap. You can enroll in, change or disenroll from your Medicare Advantage plan at any time.
    • Medicare Advantage plans are NOT Medicare Supplements. These plans cannot be compared to Medigap plans because they are completely different in how they work, what they cover, etc. (Difference Between Medigap and Medicare Advantage).
  2. After you have a basic understanding of the plans, how they work, etc. you should request the information from an independent brokerage. Whether it is us or someone else, we would strongly recommend using an independent broker. The advantage to doing this versus using a “captive” agent is that you can compare in an unbiased way and make a full comparison of all of the options. To request information, go to a brokerage website and enter accurate information. If the site is asking for information that you do not want to give, simply don’t give it. Keep looking. The only information needed to run and send a quote is date of birth, zip code, gender, and email. Request a quote comparison from us.
  3. Once you have the information, you can compare the plans that are available and make a wise choice from the plans that are offered. Always base your decision primarily on rates and secondarily on other factors such as the rating of the company.

If you have any questions about this information or if we can assist in any way, please contact us by email or call us at 877.506.3378. Alternatively, you can request information on our website at Medigap-Quote.com.

Filed Under: Frequently Asked Questions, Medigap Plans Tagged With: , , , , , , , , , , , , , , ,

Medicare Enrollment Period – Preparing for the Upcoming Annual Election Period

August 9, 2012 by Leave a Comment

The Medicare enrollment period, as it is commonly referred to, is the end-of-year period during which you can make changes to your Medicare Part D or Medicare Advantage plan coverage. It is a frequent misconception that this is the only time of year that you can change, cancel or enroll in a Medigap (Medicare Supplement) plan. Actually, you can make changes to this kind of plan at any time of the year. The AEP (Annual Election Period) – which is the correct name for this period – starts on October 15 this year and runs through December 7. So, what are some steps you can take in preparation for that period?

  • First of all, understand what changes can be made during this period. You can change Part D plans, if you currently have one and wish to change it. Or, if you do not have a Part D plan, but are already on Medicare, you can enroll in a plan during the AEP. If you have Medicare Advantage, you can choose a new Medicare Advantage plan during this period or you can disenroll from your Medicare Advantage plan, return to regular Medicare and choose a Part D plan and a Medicare Supplement. Note that this period has nothing to do with Medicare Supplements – you can change those plans at any time of the year.
  • The most important changes to be made are really the Part D plans. These plans change each calendar year. If you are on a plan, you’ll receive a notice of plan changes around October 1. Once you receive this, you should look over it to see what the changes are and how they affect you. In many cases, the premium and deductible of a plan will change. Also, the co-pays for specific medications can change, or medications can move to a different tier. It is essential to look at this material when you receive it.
  • Compile a list of your medications with exact names and dosages. This will be needed to do a complete comparison, whether you are doing it yourself or whether you are using a broker to do it for you.
  • Starting around October 1, you can compare the other Part D plans, either through a Medicare brokerage or on Medicare’s website (www.Medicare.gov). Then, starting October 15, you can make any necessary changes to your plan.
  • If you have a Medicare Supplement (Medigap) plan, this is a good time to re-evaluate your plan and make sure you have the best deal for your specific plan. Although you can change plans at any time of the year, this is a good time to also consider your Medigap coverage. Many of companies change rates around this time of year, and it is wise to add this into your consideration of other plan options for Part D. Medigap plans are standardized, so for example, if you have a Plan F and have had it for more than a year or so, it is likely that you would be able to save money on equal Plan F coverage from another company. The easiest and most productive way to do this is to get Medigap quotes online.

If you have any questions about the AEP or the Medicare Enrollment period, feel free to contact Medigap-Quote.com or call us at 877.506.3378.

Filed Under: Medicare Advantage, Medicare Part D, Medigap Plans Tagged With: , , , , , , , , ,

Medigap Enrollment Period – When Can I Change My Plan?

July 16, 2012 by 1 Comment

One of the most commonly held misconceptions about Medicare and Medigap plans is that there is an annual enrollment period for Medigap plans. This misconception holds that you can change plans only during this period, and you do not have to answer medical questions or “qualify” to do so. Put simply, that is just not the case. On the contrary, there is NO annual enrollment period – you can change plans at any time. Whenever you change Medigap plans, you DO have to answer medical questions (in most states).

So, how does this misconception get perpetuated and repeated to new generations of Medicare-eligible people? The main reason is because there IS an annual enrollment period, it just does not apply to Medigap plans. This annual enrollment period, which occurs from October 15 through December 7 in 2012, is for Medicare Part D (the drug coverage part of Medicare) and Medicare Advantage plans (the plans that replace Medicare). During this “AEP” (Annual Election Period), you can change your Part D plan, with the changeover taking effect on January 1. You can do this with no hassle, underwriting or penalty. This leads many people to believe that this is a Medicare annual enrollment period that applies to all plans, when in reality, it does not apply to the Medigap plans.

Changing Medigap plans is certainly possible, though. You can change plans at any time of the year. In most states and with most companies, there are underwriting criteria that determine if/when you are eligible to change. These criteria do vary from company to company. In general, you have to be in relatively good health to make a change; however, there are exceptions. A few of those are:

  • If you are losing employer coverage or an Advantage plan, you have “guaranteed issue” to get a Medigap plan
  • You have six months from the time that you sign up for Medicare Part B to get a Medigap plan with no underwriting
  • Some companies extend a limited underwriting period past that required six month period
  • There are some states in which underwriting is not used/allowed on Medigap plans – for example, WA and NY

Overall, it can seem daunting to many people to change their Medigap plans. However, it should not be that way – it is a very easy process that can be done with limited hassle or paperwork. Basically, you apply for the new plan; then, once approved, you cancel the old plan effective the same date that the new plan takes effect. There is no overlap and no gap in coverage. This can save you hundreds, if not thousands, of dollars a year.

If you have questions about the process for doing this or want to find out what your savings would be, contact us online or call us at 877.506.3378.

 

Filed Under: Frequently Asked Questions, Medigap Plans Tagged With: , , , , , , , , , , , ,
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