You opened the mail and there it was.
Another premium increase.
If you’re saying, “My Medicare Supplement Rate Went Up,” you’re not alone. This is one of the most common concerns I hear from Medicare beneficiaries. The good news is that a rate increase doesn’t automatically mean you’re stuck paying more forever. There may be options worth exploring before you simply accept a higher premium.
This is one of the most common questions I hear from Medicare beneficiaries. The good news is that a rate increase doesn’t automatically mean you’re stuck paying more forever.
Call 215-967-8828 if you’d like a no-obligation review of your Medicare Supplement options.
Why Did My Medicare Supplement Rate Go Up?
Medicare Supplement companies periodically review their claims experience and operating costs. As healthcare expenses rise, insurance companies may adjust premiums.
A rate increase does not necessarily mean your insurance company is doing something wrong.
Common reasons for premium increases include:
- Rising healthcare costs
- Increased claims within your rating class
- Inflation
- Changes in the overall risk pool
- Attained-age pricing structures
Many Medicare beneficiaries are surprised to learn that rate increases are a normal part of owning a Medicare Supplement plan.
Should I Switch Medicare Supplement Plans?
Maybe.
Sometimes switching plans can save money. Other times, staying with your current company is the better decision.
The answer depends on several factors, including:
- Your current premium
- Your health history
- Whether medical underwriting applies
- How long you’ve had your plan
- The rates available from other companies
A lower premium doesn’t always mean a better long-term value.
Can I Lower My Medicare Supplement Premium?
Possibly.
Over the years, I’ve helped many Medicare beneficiaries review their options after receiving a rate increase.
Sometimes we find significant savings.
Sometimes the difference isn’t enough to justify changing companies.
The only way to know is to compare your options.
Will I Have to Answer Health Questions?
In many cases, yes.
If you’re outside your initial Medicare Supplement Open Enrollment Period, insurance companies will often require medical underwriting.
You may be asked about:
- Recent hospitalizations
- Heart conditions
- Cancer history
- Prescription medications
- Chronic health conditions
Some people qualify easily. Others may not.
That’s why it’s important to understand your options before submitting an application.
Don’t Cancel Your Current Plan First
One of the biggest mistakes people make is canceling their existing Medicare Supplement plan before being approved for a new one.
Never cancel your current coverage until you know your replacement coverage has been accepted and is in force.
A quick review can help you avoid costly mistakes.
What If I Decide to Keep My Current Plan?
That’s perfectly okay.
I’ve been helping Medicare beneficiaries since 1985, and sometimes my recommendation is:
“Stay exactly where you are.”
Not every rate increase means you should switch.
My goal is to help you make the decision that’s right for you—not simply move you into a different policy.
Frequently Asked Questions
My Medicare Supplement rate went up. What can I do?
You may be able to compare other Medicare Supplement plans, apply for a different company, or decide that staying with your current coverage makes the most sense.
Can I switch Medicare Supplement plans anytime?
In most states, including Pennsylvania, you can apply to switch plans throughout the year. Medical underwriting may apply.
Can I be denied when switching plans?
Yes. Outside of guaranteed issue situations, insurance companies may decline applications based on health history.
Will switching companies save me money?
Sometimes. The amount of savings varies, and not every rate increase justifies changing coverage.
Contact The DeAngelis Agency
If you’re asking yourself,
“My Medicare Supplement rate went up. What can I do?”
let’s talk.
Joe DeAngelis has been helping Medicare beneficiaries since 1985 and can help you review your Medicare Supplement options with no obligation and no pressure.
Call 215-967-8828 to schedule your Medicare Supplement review.
Related Medicare Topics
- Best Medicare Supplement Plans in Pennsylvania
- How to Choose a Medicare Supplement Plan
- Can I Switch Medicare Supplement Companies Without Losing Coverage?
- Questions to Ask a Medicare Agent
- How Does a Medicare Broker Get Paid?
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