Ready, Set, Shop!
How do you know you’re not overpaying for something? You price shop it, right?
You may do this for grocery items, flights and hotels, purchasing a new car and your Medicare Supplement Plan. Wait…you do price shop your Medicare Supplement insurance don’t you? 🤨
It's okay, most people don't price shop their Medicare Supplement because people like you are busy and taking the time and energy to shop their insurance, specifically health insurance coverage, doesn't seem like the most fun thing they could be doing with their spare time.
However, it can be extremely beneficial if you do take the time and energy to occasionally price shop your Medicare Supplement Plan to make sure you aren't leaving your money on the table (and I promise it's not near as painful or overwhelming as it seems!).
Why should I shop my Medicare Supplement? The coverage is standardized so it's not like one carrier could give me anything another carrier wasn't?
Exactly! Medicare Supplement (Medigap) Plans are standardized by federal and state laws. This means the private insurance carriers offering Medicare Supplement Plans have to all cover the items that are designated by each plan letter. No one carrier can offer more or less benefits/coverage.
Since the coverage is standardized what are some features that are not standardized?
1. Price
2. Price Stability
3. Customer Service/Reputation
Let's use this fictitious scenario- Susie had a Medicare Supplement Plan G with ABC Insurance Co. She pays $200.00/month for her Medicare Supplement Plan G and has always been happy until she found herself talking to her neighbor Tom who also had a Medicare Supplement Plan G with XYZ Insurance Co., except he pays $150.00/month for his policy.
Tom likes the carrier he's with and finds their customer service to be great! Anytime he has a question he is able to speak with a helpful representative to get it resolved.
Susie is in good health and not taking many medications so she decides to see if XYZ Insurance Co. will be able to beat her current Medicare Supplement monthly premium. Susie works with a local independent broker to review everything with her, answer all of her questions, and complete her application to be sent to the carrier's underwriting team to determine if they will accept her application and at what rate. Within a few days Susie is informed by her broker that she's been accepted by XYZ Insurance Co. for her Medicare Supplement Plan G at $125.00/month.
She's now going to save $900.00/year and have the same exact coverage as she's always had and enjoyed! Susie takes that $900.00 and books a girls trip to Myrtle Beach! 🌴☀️
Wouldn't you like to be Susie in this situation? 🎉
We recommend consulting with a licensed broker if you're considering shopping your Medicare Supplement so they can answer your questions and discuss whether shopping your Medicare Supplement is a possibility for you. A broker will also be able to guide you through the entire application process. Also, there is not a fee or increased premium by working with an independent broker.
Ready to shop your Medicare Supplement? Contact Jocelyn Wolf, Licensed Sales Agent Specializing in Medicare & Co-Founder of Evolve Insurance Group, at 814.201.9708 or jocelyn@evolveinsurancegrp.com.
Let us help you Evolve Your Medicare Experience.
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Other Medicare Questions? We can be reached at 814.201.9708 or at jocelyn@evolveinsurancegrp.com.
*Outside of Medicare Open Enrollment Period you may be subject to medical underwriting when considering purchasing a Medicare Supplement. There is no guaranteed acceptance outside of Open Enrollment Period except in some situations. To learn more click here. Acceptance/Rate is based on medical underwriting.*