Why You Should Review Your Medigap Plan Each Year

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Medicare Supplement plans are extra insurance you can buy to cover services and out-of-pocket costs not covered by Original Medicare. Supplemental plans typically cover deductibles, copays, and coinsurance. However, you can use the plan benefits to cover transportation, lost wages, medications, and other illness or injury-related costs. It’s important to evaluate your supplement insurance every year to make sure it still covers what you need. 

Why You Should Review Your Benefits Each Year

Many folks are often confused about what their plan benefits mean and how they pertain to their needs. So, when it comes to reviewing their benefits, they don’t know where to begin.  

Your life probably looks different today than it did a few years ago. As your circumstances change, so do your budget and health care needs. When reassessing your insurance coverage, consider the following:

  • Big lifestyle changes 
    • Getting married
    • Having children
    • Retiring
  • Cost — You might be paying more than you should.
    • Plan premiums can change annually, so revisit your plan to ensure that you’re still pleased with your premiums costs and level of coverage.  

Or, if you just want to protect your income from any unforeseen medical expenses, review your coverage to make sure your plan demonstrates your needs.   

By gauging your insurance coverage every year, you’ll be able to focus on any changes in your life that may call for changes to your coverage.

When to Review Your Coverage Each Year

If you’re enrolled in Medicare, it’s best to review your supplement insurance before Medicare Annual Open Enrollment. This is the open enrollment period that goes from October 15 to December 7 each year.

There are many reasons why you should revisit your supplement coverage annually. But the two that stand out the most are:   

  • Premiums Change – Plan premiums are likely to change each year.
  • Part D Coverage – Part D plans can enact changes to the list of drugs they cover each year. It’s best to go over this coverage to ensure that all of your prescriptions are covered.

Other Situations to Consider

If one or more of these situations affects you now or after your retirement, consider joining or switching to a different supplement plan:

  • You travel outside the U.S. and want coverage for emergency medical care abroad, which Medigap Plans D, G, M, and N will provide. These plans can pay 80% of covered emergency medical expenses when you’re outside the U.S., up to plan limits.
  • You’re inclined to have many hospital stays during the span of a year. 
  • You anticipate having recurrent doctor visits or medical services.

Understand the Benefits and Limitations of Your Policy

Whether or not you choose to buy a supplemental insurance plan is at your discretion. Before you decide to join a particular plan, make sure you know all the benefits and drawbacks of your policy, and think about what we discussed in this blog post. When you need Medicare help, you can always reach out to the agents at Bobby Brock Insurance. Contact us online or call (662) 844-3300! 

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Justin Brock

President & CEO of Bobby Brock Insurance