Why a Yearly Review of your Medicare Supplement Plan is Essential

By Theresa Struckmeyer
Senior Health and Finance Specialist

Click here for an Instant Medicare Supplement Quote


At the risk of sounding like one of those car insurance commercials, I’m just going to say it: You may be paying too much for your Medicare Supplement Plan. Sure you may be paying too much for your car insurance but that isn’t as much of a tragedy as paying too much for your Medicare Supplement plan. Medicare supplement plans are regulated by federal and state law. What this means is every Medicare Supplement Plan is the same. Meaning Medicare Supplement Plan F with company A is exactly the same as the same plan with company B. The only variance between different Medicare Supplement plans can be price. This is outlined in your Medicare and You Handbook that Medicare sends out to you every year. It is on page 92 for 2015 if you want to take a quick look. So what does this mean to you?

This means that your agent should be contacting you at least once every 1-2 years to review your plan to make sure you are still in the best plan for you. The problem is many seniors sign up for a supplement plan and then never hear from their agent again. This could mean hundreds of dollars lost in insurance premiums. Now this may come as a surprise as things do not work the same for health insurance for people under 65. Medical plans for the under 65 group have doctor networks to consider. So for those under 65, it may make sense to pay a little more for a health plan as long as they can keep their doctor. This is NOT the case with Medicare Supplement Plans. There are no networks for supplement plans. If your doctor or hospital takes Medicare, then you can continue to see those providers regardless of what supplement plan you have. And as mentioned earlier, the plan benefits are also regulated so why pay more to be with company A if company B can save you a ton of money?

Here are a few examples of the price differences you may see between different companies. A 68 Year old Female Non Smoker in Riverside County is paying $214.51 for plan F but could be paying $150.09 with company B. That is a savings of $773.04 a year. Here is another case study of a 70 year old nonsmoking male in Orange County. He is paying 195.41 for another popular plan, plan G. He could be paying $132.84 for the same plan. This is a savings of $750.84 per year. These savings are very common and all that is needed to get these reductions is a quick application that your agent can help you complete. These savings can mean a world of difference especially for seniors on a fixed income.

So why the yearly review? Wouldn’t the best plan for you when you turned 65 still be the best plan for you now? Not necessarily. Every year there are different price increases so what might be a very competitively priced plan one year may not be a good priced plan in years to come. The other variance you have to consider is if your agent is a broker or a captive agent. There are some agents that can only sell one company’s supplement plan so even if there was a better priced plan on the market, if they did not have access to it, you may be in a plan that costs too much. Also, if your agent does not specialize in Medicare Supplement, they may be limited on the different plans they have available to you.

Bottom line, it is important to find an agent that has your best interest in mind. This agent should specialize in senior health insurance and have various companies available to offer you. They should also be checking in on you regularly to make sure you are still happy and to ensure you are still paying the best price for your plan. If this isn’t happening, give MP Insurance Solutions a call at 1-855-731-8888, chat now with us online, or email us . We have been specializing in helping seniors with their insurance needs since 1995 and would be happy to help you save money and ensure you are in the best plans to fit your needs. Or if you just want to see how much you can save, click here to input your age, birthday, and plan and get instant access to a quote.



MP Insurance Solutions is a Senior Health Care Insurance Brokerage. We specialize in Medicare Supplement/ Medigap plans, Medicare Advantage/Medicare Part C, Prescription Drug Plans/Medicare Part D, Senior Term Life Insurance, Final Expense Insurance, Guaranteed Income Annuities, and Dental and Vision plans. We specialize in helping seniors in Southern California including Los Angeles, Riverside, San Bernardino, San Diego, and Orange County California.

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