Given all the pleasures of the vacation on us, it is sometimes difficult to be bothered with the evaluation of your health insurance. Damn, it can be downright annoying when agents call you a few days before a big family reunion. However, I would like to emphasize the importance of paying attention to what you spend on your health insurance.
You saw the Geico commercials, right? Switch now, save big! While I do not sell car insurance, the same policy applies to most insurance companies. My article is a wake up call for those who have Medicare Advantage policies. Below I will discuss my acronym, CAP, for 3 features of Medicare Advantage Insurance, which will help you in assessing the competitiveness of your policy.
The first letter in my acronym is “C,” it stands for Carrier. What carrier is your policy associated with? This is important. Although the plans of Medigap are standardized, different rates for different postcodes can be changed by carriers. For instance, a local carrier is the most competitive in my zip code, but a few zip codes north, the same carrier has higher, less competitive prices. What you need to do is call an agent to see if the carrier you’re with is the top dog in your zip code – you may need to call multiple agents to get the correct answer.
Get a 2019 humana medicare advantage plan at https://www.medicareadvantageplans2019.org/humana-medicare-advantage-plans-2019/
“A” stands for Age of Policy. How long have you been in control of this particular policy?
Do you want to hear something terrible? I have just phoned a senior who has had the same Medigap plan for more than 20 years.
It kills me when I hear in a haughty way how someone says “I’ve had the same policy for years”.
Your rates are rising every year, despite your continued good health. Every few years, getting your rates compared to other carrier rates in your zip code is financially well-versed. If you have purchased a policy from a top carrier near you, you may have to wait 3-5 years before it pays to change. Although what I found out is that many people get lured into plans that are not the most competitive, which does not make those policy holders aware of how much they could save if they chose the right carrier.
How can you make sure that does not happen to you? Shop around, use the power of comparison to make sure you get the best policy.
“P” stands for Plan Type. Many people buy a Plan F because it is the most comprehensive in its coverage. However, some people have never heard a single word about the other types of policies available. For example, Plan G is identical to Plan F, except that Part B’s deductible of $ 147 (2013-2014) is not included. Many people switch from Plan F to Plan G and end up saving hundreds, even when the $ 147 is included in the equation.
This is the time to evaluate your Medicare Policy plan. Please use my abbreviation when deciding whether your policy is still competitive – or if you are buying a policy for the first time, this shortcut can help you to ensure that you buy the best policy in your area!