Where to Start When Looking for a Better Priced Medicare Plan
If you’re unhappy with the premiums you’re paying for your Medicare plans, you may have options. Where you start will depend on what type of Medicare coverage you have currently. Read on to learn more about what to do if you want to save on premiums.
|I have a Medicare Advantage Plan||Jump to|
|I have a Medicare Part D Prescription Drug Plan||Jump to|
|I Have a Medicare Supplement Plan||Jump to|
|How to Prepare to Change Your Medicare Plan?||Jump to|
I Have a Medicare Advantage Plan and Want a Better Price
Medicare Advantage Plans offer very low (oftentimes $0) monthly premiums. Your insurance carrier has full control over these premiums,
and they can change them yearly.
If you’re not already on a plan that offers $0 monthly premiums, or your plan’s premiums are increasing, you may have options. Here’s what you need to know:
Be prepared for increasing premiums:
Each September, Medicare enrollees should expect to receive a letter called an Annual Notice of Change (ANOC). This letter highlights what will be changing with the policyholder’s coverage. The insurance provider may change what is or isn’t covered under the plan or the price of the insurance plan for the following calendar year.
Take advantage of open enrollment periods:
Learning your premiums will increase when you receive your ANOC is never good news. Fortunately, you’re given the chance to shop around soon after receiving that news. A few weeks later, is the Medicare Annual Enrollment Period (AEP). During this 7.5-week long period from October 15 – December 7, you can switch Medicare Advantage Plans.
Usually, you can’t make changes to your Medicare Advantage coverage outside of AEP. That is, unless you qualify for a Medicare Special Enrollment Period (SEP) like after moving. Learn more about when you can change Medicare Advantage Plans here.
How to compare Medicare Advantage Plans:
If you’re ready to compare Medicare Advantage plans you can do so online here. Or speak with one of our licensed insurance agents to review plains available in your area. They have access to some of the top-rated insurance carriers in the nation and can help you understand which plan is right for you.
Medicare Advantage Plan enrollees need to keep a few things in mind when looking for a better-priced plan.
While the monthly premium cost is important, it’s important to remember the level of coverage you need.
There may be a plan with a smaller monthly premium out there, but will it have the same out-of-pocket maximums or extra benefits that you’re used to having?
I have a Medicare Part D Prescription Drug Plan
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Medicare Part D Prescription Drug Plans must follow similar rules as Medicare Advantage Plans. So, you’ll want to follow the same advice given above.
Like Medicare Advantage, Prescription Drug Plans:
- Can change annually and will document changes in the ANOC
- Are sold during the Medicare Annual Enrollment Period from October 1 – December 15
- Do take part in the same Special Enrollment Periods as Medicare
If you’re wondering if you’re eligible to switch Prescription Drug Plans, or you would like help comparing plans, call a licensed insurance agent at the number on this page.
I Have a Medicare Supplement (Medigap) Plan and Want a Better Price
One of the most overlooked aspects when comparing Medicare Supplement Insurance (Medigap) plans is that these plans are standardized. This means that every policy must follow federal and state laws designed to protect you – the policyholder.
That means that all policies offer the same basic benefits, so a Medicare Supplement Plan G from one insurance company must have the same basic benefits as a Medicare Supplement Plan G from another insurance company. However, those two companies may ask for different monthly premiums.
Since you can get the same exact plan from multiple insurance carriers, shopping around for the best price is easy. Here are some things to keep in mind:
You can switch Medigap plans at any time
Unlike with Medicare Advantage, you aren’t limited shopping for Medigap during certain enrollment periods.
That said, Medigap does have certain enrollment periods that give you guaranteed issue rights. If you enroll outside of those periods,
your application could be denied, or you could be charged higher premiums.
Guaranteed issue rights
When you first enrolled into Medigap you likely qualify for a guaranteed issue right. That means, you didn’t have to go through medical underwriting or answer health questions. You were automatically approved for your plan at the lowest premium available.
This is true if you enrolled during your initial Medigap Open Enrollment Period. There are also some Special Enrollment Periods (SEP) outside of this open enrollment period that would have allowed you the same rights.
How to compare Medicare Supplement plans:
If you’re ready to compare Medigap plans you can do so online here. Or speak with one of our licensed insurance agents to review plains available in your area. They have access to some of the top-rated insurance carriers in the nation and can help you understand which plan is right for you.
Education is crucial in finding the right Medicare solution for you. With so many Medicare resources out there, it can be difficult finding a source you can trust. That’s why Ensurem has a Compliance Program dedicated to ensuring our Medicare content meets CMS regulations.
So, you can rest assured you’re getting the information you need to make the right coverage decisions. Learn more here.
Ensurem Trusted Expertise
Education is crucial in finding the right Medicare solution for you. With so many Medicare resources out there, it can be difficult finding a source you can trust. That’s why Ensurem has a Compliance Program dedicated to ensuring our Medicare content meets Centers for Medicare & Medicaid Services (CMS) regulations. So, you can rest assured you’re getting the information you need to make the right coverage decisions.
Denise Austin, 65, Ensurem Ambassador
Best-Selling Author, Creator of Fit Over 50 Magazine
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