What’s So Great About Changing Companies?
There are any number of reasons you might be happy with your Medigap plan and the company that issues it, but they probably boil down to some version of: “It provides good coverage at a reasonable price.”
Unless, of course, that’s not true.
What if you could find the exact same plan, but at a much better price from a different company?
In that case, it might well be in your best interest to switch companies.
You might be skeptical that this is the case, but because Medigap plans are issued by private insurers, it’s entirely possible you haven’t found the very best deal. When was the last time you checked and tried to find out?
There’s a surprisingly easy way to check and see if this is the case, one we mentioned above: because Medigap plans are standardized with letters of the alphabet, you can compare them by letters and know that you will still receive the same benefits.
Ergo, if you find a Medicare Supplement Plan A in your state at a better cost than the Medicare Supplement Plan A that you have right now, you can get cheaper premiums and still have the same benefits.
Of course, let’s be clear about one thing: the Birthday Rule is not a free pass to apply for a better plan. If you have a standard Plan F, you cannot use the Birthday Rule to apply for an Innovative Plan F without medical underwriting, because that plan offers more benefits.
However, if you’re unhappy with the insurer that issues your standard Plan F, you might find another company offering the same plan at a better price. In addition, when you switch companies the new company cannot impose any waiting periods or exclude pre-existing medical problems.
This is one straightforward reason you might want to switch, but there are others.
For example, you may have signed up for a plan, and later come to realize, over the years, that it covers many things you don’t need and don’t ever expect to need.
If you have a plan that covers many benefits, but your health is very good, you might well find it to be in your interest to switch to a plan that offers fewer benefits and a lower premium.
Finally, not all insurance companies are created equally. It might well be the case that you have had other issues with your insurance company that go beyond the total amount you’re paying, and have some reason to believe that another insurer will offer you a better experience, even if you end up with the same plan at the same price.
Conclusion: Should You Change Your Plan?
While it may go without saying, ultimately only you can determine whether you should switch your plan. However, there are a few important considerations to take into account:
- Whether you can get better value: perhaps a change will offer you better value for your money.
- Whether you can save money: perhaps a different plan, or the same plan from a different insurer, will save you money while still meeting your needs.
- Whether you’re happy with your insurer: perhaps you aren’t, in which case a different insurer might be the answer.
These considerations ought to be able to help you make the decision about your Oregon Medigap plan that is right for you.