3 Reasons to Review Your Medicare Supplement Plan

There is a lot to Learn about Medicare, but one of the biggest things is awareness that you can review your Medicare supplement plan annually during your birthday month and annually during the annual enrollment period. The Annual Enrollment Period starts every year on October 15th and runs through December 7th.

According to the Center for Medicare Services, “As of October 2021, the total Medicare enrollment is 63,964,675. Original Medicare enrollment is 36,045,321, and Medicare Advantage and Other Health Plan enrollment is 27,919,354. This includes enrollment in Medicare Advantage plans with and without prescription drug coverage. Medicare Part D enrollment is 49,141,158, which includes enrollment in stand-alone prescription drug plans as well as Medicare Advantage plans that offer prescription drug coverage. This enrollment information is updated monthly and can be viewed here: https://data.cms.gov/summary-statistics-on-beneficiary-enrollment/medicare-and-medicaid-reports/medicare-monthly-enrollment.”

There are many reasons to review your Medicare supplement plan or Part D Rx Policy annually. Here are the three main reasons to have a review:

1. Are You Overpaying for a Medicare Supplement or Advantage Plan?

The Medicare Supplement Market is competitive and insurance companies re-look at their rates every year, if they feel they need to adjust the premium up or down depending on their losses, they do. This could be costly to you and unnecessary as there are several plans available, and they vary by State and County. The agents at Bancorp Insurance are well versed in the best plans in our area and are able to help you make an informed decision.

2. Avoid Out of Network or Over Charges

Did the doctors, hospitals, pharmacies, etc. sign that new contract with your insurer? Insurance companies negotiate contracts with doctors, hospitals, pharmacies, dentists, on a regular basis. Many times, the contract may be changed or discontinued. Either way you could end up spending more out of pocket to see your regular doctor if he or she is now out of network. The best way you can check if you doctor is still in network with your insurer is to call the insurer.  Also often times the doctors have no idea which insurers they are contracted with, because they sign several contacts with several different insurers.

3. Are Your Prescription Drugs Covered Under Your Plan

Insurance companies look at their results and may change their formulary (Medicare Part D drug list) Drug lists changes occur if the plan no longer covers a drug, a new drug is added, a drug is moved to a different cost-sharing tier, a prior authorization, step therapy restriction or Quantity Limit has been reached, or a drug has been removed from the market.

How can you find out if your current drugs are still covered under the insurer’s formulary? Start by going to your insurers on-line directory for drugs they cover. If you do not see your drug listed call your insurer.

Why You Might Be Hesitant to Review Your Medicare Supplement

Too many choices! Most people say they like to have all the choices because they feel it gives them options to get the right fit for them. But the truth is often people just do not want to take the time to do the research. In fact, only about 12% of seniors take the time to compare their current coverage to other products every year and save money.Afraid you will lose coverage you need! No, you will not lose coverage, but it might change. Price is one of the top variables between insurers and which doctors are in network and out of network, also which type of drugs their plans will cover.You would prefer to work with a trusted adviser. No problem at least for Bancorp Insurance. Our Medicare Specialists are well trained and have a combined 35-year experience working with Medicare.

Want a Medicare Plan Review?

Understanding your Medicare plans can be challenging. If you are aging into Medicare or it is your birthday month, we’d love to talk with you about your Medicare needs. New customers are always welcome. Book an appointment with an agent here.

Bancorp’s insurance experts are available to provide you with a free review and consultation.  Contact Us – Bancorp Insurance Call 800-452-6826

Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our agents.