- Accepted by any doctor or hospital that accepts Medicare
- You pay a monthly premium for this plan
- With a Plan F, you have no additional out-of-pocket medical costs.
Many people don’t realize you can switch your Medicare Supplement plan any time of year!
Is there a catch? Yes.
You must qualify based on health questions on the application. However, it’s not as difficult to qualify as you might think.
How do I qualify to switch my Medicare Supplement, and why would I want to?
Most seniors fail to realize that every carrier that offers a Medicare Supplement Plan F offers the exact same benefits, and pays claims exactly the same, while Medicare allows companies to charge different premiums for the exact same Plan F. This leads to seniors over-paying in many cases, because they are afraid to switch or just don’t know where to turn. Always compare like plan letters (F to F, or G to G) when comparing price.
It is a common misconception that Medicare Supplements can only be switched during open enrollment in the fall. The truth is, you can switch any time of the year, if you are relatively healthy. You must qualify based on health, in other words, answering questions and being evaluated through medical underwriting.
But wait, you mean I have to be healthy? Does that mean I must undergo a physical?
Sometimes when people hear the word “medical underwriting” they think – impossible to qualify. But that’s not so. For the most part, major health occurrences in the past couple years, such as hospitalization, surgery, cancer, stroke, heart attack, COPD, and insulin dependent diabetes, will disqualify you for now. You can re-evaluate your health at a later time.
For the average senior, it is far easier to qualify for the same exact plan benefits, with a lower cost carrier, than most people realize, often saving $20-$80 per month or more! Double the savings for a married couple.
The good news is that the health questions can vary from one carrier to the next. There are many health conditions and medications that qualify. The quickest way to find out, is to contact an independent licensed insurance agent in your state. Independent agents represent your best interest by contracting with many carriers, and shopping the rates for you every year, free of charge. Your monthly premium is the same through an agent, as going direct, through all the major carrriers.
Why switch Medicare Supplement companies?
There will always be rate increases. Switching to a lower cost carrier while you can qualify based on health, will help “reset” your rate increases at a new lower rate. Getting a lower rate now is like “locking-in” your health. There may come a time when you no longer qualify to lower your rate.