A Medicare Supplement is a remarkable product. If you’ve ever faced a major health event while covered by one, you probably paid very little out of pocket. Supplements are simple to use, give you complete freedom of choice, and travel with you wherever you go. When my own parents aged into Medicare, a Supplement was the plan I chose for them.
Seniors who have had a Medicare Supplement for several years have likely noticed some rate increases. These increases are normal. Insurance companies adjust premiums as you age, depending on the pricing method they use. You may have also noticed that recent increases have been higher than usual. That doesn’t mean you chose the wrong company. Nearly all insurers experience larger-than-normal jumps. Two factors may be contributing:
- Medicare Supplements at age 65 are underpriced. Despite rising medical costs, the starting premium for a 65-year-old—often around $100 a month for Plan G—has barely moved in more than a decade.
- Many seniors delay major procedures until they reach Medicare eligibility. It’s understandable: if you need a knee replacement, waiting until Medicare covers it can save thousands. But this trend has significantly affected insurers.
Rate increases are never easy. They can strain your budget, affect your ability to provide for family, and erode hard-earned retirement savings. Take a deep breath and remember what a Medicare Supplement delivers: predictable coverage, broad provider access, and strong protection against large medical bills. Don’t cancel your plan out of frustration without carefully weighing the long-term consequences.
If you’re in good health, we can often explore ways to lower your premium. I’ve spoken with too many seniors who dropped their Supplement just before a major health event—only to face far higher costs later. Keeping coverage can be the less expensive choice over time.
To have your Supplement reviewed, call 800-750-2407 to speak to one of our licensed agents.
God bless!
