Have you received a notice that your Medicare Supplement premium is increasing?

If you’ve ever opened a letter and thought,
“Wait… why did my premium go up again?” You are definitely not alone. Let’s break it down.

Medicare Supplement plans — also called Medigap — are designed to help cover what Original Medicare doesn’t. But unlike some plans, rates do increase each year.

Here are the 3 main reasons why:

1. Age-Based Increases – Some plans increase simply because you’re getting older. (And no, we don’t love that one either.)

2. Inflation & Healthcare Costs – As the cost of healthcare goes up, insurance companies adjust premiums to keep up.

3. Pool of People on the Plan – If the group of people on your specific plan are using more healthcare services, that can also drive rates higher.

Now here’s the important part most people don’t realize:

Just because your rate goes up does NOT always mean you need to panic or switch. But, it DOES mean it’s a good time to review your options. Depending on your situation, you may qualify for a better rate or a different plan. However, you will be subject to health questions with a 2-3 year look back on medical issues.

Also important: Medicare Supplement plans don’t change their benefits,
just the price. So, you’re not losing coverage, but you do want to make sure you’re still getting good value. 

If you’ve had your plan for a few years, and haven’t reviewed it recently, we’d be happy to take a look with you and make sure everything still makes sense. 

Just send us a message to schedule a quick review – (972) 943-3943.

The Insurance Gal Team