Why you should review your Medicare supplement policy
I love my Medicare Supplement plan
You have a Medicare supplement policy and love it right? Most seniors do. From the ease of the claims process to not having to worry about unexpected copays. No headaches about networks. I hear this every single day from seniors.
Unfortunately too many seniors are overpaying for that policy.
“A penny saved is a penny earned.”
Picture for a moment about going for a drive. You are on the way to the store for groceries before the kids come home.
Uh oh. You look down and your fuel tank is below E. You see two gas stations ahead.
One has gas for $2.48 a gallon. The other one is right across the street. But they are charging $2.90 a gallon. If you are like most people, I know which one you will go to.
The one charging $2.48 a gallon. You are crazy to pay more for something that will work exactly the same. Right? Tell me I’m right! It’s all gasoline that gets you where you need to go.
Of course we would make this logical decision to buy gas for the best value. Unfortunately when it comes to Medicare, we don’t know what the best value is.
It’s not your fault. It’s not easy to find all of this info. You are on an island navigating it by yourself. It takes time. Too much time. So we don’t do it. We keep paying that monthly premium because it works.
Your insurance company is counting on this. But not you. You know you should shop it. Because you can find the exact same coverage that you like elsewhere. Usually for less than your paying now. Don’t be the person to fill up for $2.90 a gallon.
A MEDICARE SUPPLEMENT WORKS THE SAME FOR EACH COMPANY
The Wisconsin Guide to Health Insurance for People with Medicare is a very helpful guide. It’s around 50 pages long and here are a few key points regarding Medicare supplements.
Page 29 from “The Wisconsin Guide to Health Insurance for People with Medicare”
“Medicare supplement insurance companies can only sell standardized Medicare supplement policies. Each standardized Medicare supplement policy must offer the same basic benefits, no matter which insurance company sells it. The optional benefits and cost are the major differences among the Medicare supplement policies sold by different insurance companies.”
Each company offers the same optional riders here in Wisconsin. This means you can match up the plan to be IDENTICAL between companies. Therefore the ONLY difference for you is the cost of your monthly premium.
In life we usually get what we pay for. Wisconsin seniors know how to look for a fair deal though. You know that it does not make sense to give more of your hard earned money to an insurance company. We want to pay a fair amount for the coverage we are getting.
I will help you keep your money in your pockets instead of going to the CEO of an insurance company.
IF YOU IMMEDIATELY REGRET SWITCHING, YOU CAN GET YOUR OLD PLAN BACK.
Page 24 from “The Wisconsin Guide to Health Insurance for People with Medicare”
“All Medicare supplement and Medicare select insurance policies sold in Wisconsin have a 30-day free-look period. If you are dissatisfied with a policy, you may return it to the insurance company within 30 days and get a full refund if no claims have been made.
All Medicare supplement and Medicare select policies sold today must be guaranteed renewable for life. This means you can keep the policy as long as you pay the premium.”
It can be tough to risk changing what’s working well for the unknown. You find yourself asking, “what if I lose this company that pays claims so great?” It is required that you have 30 days with your new company to give them a test run and confirm that you like it.
Will my new company pay claims the same way?
Page 25 from “The Wisconsin Guide to Health Insurance for People with Medicare”
“Insurance companies are required to waive any waiting periods for preexisting conditions if you buy a Medicare supplement policy during the open enrollment period and have been continuously covered with creditable coverage for at least six months prior to applying for the Medicare supplement policy.”
I understand that the concern of having a medical issues and being confident that an insurance company will cover you. I’ve been working as a licensed agent since 2009 which gives me a lot of experience with underwriting. I also have first-hand experience with medical concerns.
What does this all mean for you? That you can feel confident switching plans without the risk of having your medical treatment not be covered.
Contact me and with a few simple questions we can find out how much you are overpaying by. This will take less than 10 minutes of your time. No sales pitch. Just helpful info that is easy to understand.
Mike Lovell