The premiums keep going up on my Medicare supplement . Should I switch to a different supplement?
That depends. The prices vary widely among supplement policies. In general the options are:
1) You can apply for a different Medicare supplement at any time, but there is no guarantee the company will issue a policy to you. They will ask health questions and if you do not pass health underwriting the company will not issue a policy. However, if you successfully move from one Medicare Supplement to another you cannot be asked to serve a pre-existing condition waiting period. The average cost at 65 years old is $130 a month. For individuals over 70, the average cost is between $150 and $170 a month. Over 80 years old costs will range from $190 to over $200 a month.
2) There are other options that can lower your monthly premium cost but you will pay more out of pocket as you incur medical expenses. Call to discuss managed care Medicare Supplements, cost sharing Supplements or Medicare Health Plans.
3) If you decide to drop your Supplement policy and have no secondary insurance then you will only have Medicare Part A and Part B. You could incur medical bills of $20,000 or more which you will have to pay out of pocket.
4) You may decide to keep your current policy and pay the increased premium.
You can request Medicare Supplement Insurance Approved Policies and compare annual premiums.
If you want to speak to an insurance counselor call 1 800 242-1060.