Are you getting the most out of your Medicare Supplement? December is the time to make a list and check it twice, so let’s go through these seven reasons why you may need to shop your Medicare Supplement NOW!
- Rate Increases: In just the past few months we have seen rate increases on Medicare Supplement Plans up to 20%. If you are on a fixed income, that could be problematic. In the state of Missouri, we have the Anniversary Rule. The Anniversary Rule allows you to change your Medicare Supplement to another insurance company 30 days before or 30 days after your policy’s annual anniversary date WITHOUT going through underwriting each year. That is right, that means it would be a guaranteed issue plan. For example, if your anniversary date (also known as your effective date) is May 1st, 2020. You can shop your policy with another insurance carrier in April for a May 1st effective date or in May for a June 1st effective date.
- Household Discounts:Most companies have a household discount program which saves you money if your spouse or sometimes even just a roommate also has a Medicare Supplement with the same company. We see discounts up to 12% for each policy holder. On a $200 policy, that is $24 a month or $288 a year. I do not know about you, but I can do a lot with $288. Can you say…shopping spree!
- Electronic Funds Transfer (EFT) Discounts:Many companies offer EFT discounts if you set-up your premium to be auto drafted out of your checking or savings account. Most companies save you an additional $2 per month if you choose this payment option. This option keeps you from having a lapse in coverage too.
- Fitness Memberships: Science often shows that if you keep moving, you live a longer, healthier life. Therefore, many Medicare supplement companies are now including a fitness membership, like SilverSneakers, in the cost of the monthly plan premium. According to this study, the results indicate that SilverSneakers’ participants reported significantly better physical and emotional health and less impairment in daily activities relative to a matched comparison group. Don’t worry, they have virtual options and home kits, as well.
- Discount Programs: Some companies include extra discounts for services such as dental, vision, hearing, pharmacy, meal/weight loss programs and much more.
- Rate Locks: Several providers offer rate locks. A rate lock is a period of time where the insurance company cannot increase your rate. This is beneficial because technically a Medicare supplement company can raise your rate any time during the year AND more than one time per year. If you have experienced multiple rate increases over the years, it is likely that we can find you a less expensive plan. Companies are offering up to a 12-month rate lock on new applications.
- The Hovis & Associates’ Experience: We take pride in making sure our customers are on the most cost-effective, beneficial plan for them. Hovis & Associates contacts their clients before their Medicare supplement anniversary date to offer a free rate-comparison, as well as during Annual Enrollment Period, each year in case they want to make a change. If you have questions about Medicare, go to our Medicare FAQs section on www.Hovis&Associates.com.
As you can see, Medicare supplements have changed over the years for the better. However, you still need to be your own advocate and a savvy consumer to make sure you are getting the best deal. At Hovis & Associates, we are contracted with all the major carriers. So, call today at (800) 411-0737 to see if we can decrease your monthly premium and save you money. We make the complicated SIMPLE!