When you first became eligible for Medicare, like many seniors, you may have picked a Medicare supplement insurance (or Medigap) to help with those extra costs that Medicare does not cover — and you might not have thought about your plan much since then. But as life changes, so do your healthcare needs, which is why it is very important to review your Medicare supplement insurance regularly to make sure it still works well for you and does not cost too much.

Below, this supplemental insurance broker in Chesterton, Indiana is going to explain why and when you should revisit your Medicare supplement insurance, and how you can go about doing it.

If you stay on the same plan every year, you might be spending more money than you realize.

Your health will probably not remain the same, so the plan that worked for you a few years ago might not be the best choice for you now. Retiring, changes in health, or moving to a new place can all change what type of coverage you need.

Many people keep the same plan for years just because it feels easier, but this can cost them more money or leave them without essential coverage. For example, if your health needs have changed a lot recently, your current plan might not cover what you need anymore. On the other hand, if you are in good health, you might be paying for benefits you don’t really need.

In other words, when you revisit your health plan regularly, you can make sure it fits your current life situation and that you are not paying too much for benefits you don’t use.

How often should you review your plan?

It is generally recommended that you review your Medicare supplement insurance every year, especially during the Medicare open enrollment period. Between October 15 and December 7, you can compare different plans, adjust your coverage, and make sure you are getting the best value for your money.

An experienced supplemental insurance broker in Chesterton, Indiana can guide you through this process and make sure you are aware of any new plans or changes in your current coverage that could benefit you. Even if you really like your current plan, you should review it each year to see if it is still the best option for you.

What should you consider when reviewing your plan?

When you review your Medicare supplement insurance, there are some things you should keep in mind. First, you should consider how your health has changed in the past year. Have you been diagnosed with a new condition or started taking new medications? If so, then you might need more comprehensive coverage.

You should also think about your financial situation. Are you trying to save more this year? If that’s the case, you should look for a plan with lower premiums that still gives you the essential coverage you need. An experienced supplemental insurance broker in Chesterton, Indiana can help you find such a plan that balances cost with coverage.

The benefits of regularly reviewing your insurance and making changes when necessary

One of the best things about regularly reviewing your Medicare supplement insurance regularly is that it lets you make changes to the plan if you need to. If you notice that your current plan is not meeting your needs anymore, you can then switch to a new plan that offers better coverage or costs less money.

For example, if you are paying high premiums for a plan but don’t really use many of the services it covers, you could switch to a plan with lower premiums and fewer extras. On the other hand, if your doctor visits have increased or you need expensive treatments, you might need a plan that covers more services. When you regularly review your coverage with the help of a supplemental insurance broker in Chesterton, Indiana, you can make sure your plan is always right for you and that you are not spending too much money on benefits you don’t need.

Don’t wait until it’s too late

One common mistake people make is waiting until they experience a health issue to review their insurance. By that time, it might be too late to make changes that could benefit them. Therefore, it is very important to review your Medicare supplement insurance every year, even if you feel healthy and don’t really anticipate any changes in your health in the future.

If you are not sure how to do this, you can always reach out to a knowledgeable supplemental insurance broker in Chesterton, Indiana. They can help you understand your current plan, see if there are better options, and help you choose the best coverage for your needs.

Looking for a Supplemental Insurance Broker in Chesterton, Indiana?

If you want to review your Medicare supplement insurance, or if you’re just looking for some advice from a trusted supplemental insurance broker in Chesterton, Indiana, our team at Senior Care Insurance Services is just a call away. We can help you compare different plans and enroll in the coverage that works best for you. Contact SCIS today to begin the process.