Do You Have to Renew Your Medicare Supplement Every Year?
Well, it’s been almost a year since you enrolled in your Medicare Supplement plan. You might be wondering: what do I need to do? That’s a great question – let's take a look.
First Thing’s First: What is a Medicare Supplement?
A Medicare Supplement is an insurance policy you can purchase that helps cover some of the costs Medicare alone won’t cover.
Medicare Supplements, or Medigap insurance, can cover expenses such as copayments, coinsurance, deductibles, excess medical charges, blood, and medical care when you’re abroad.
It’s important to remember two things when it comes to Medicare Supplements:
- Medigap will only cover charges that are approved by Medicare. It won’t cover things like dental, vision and nursing home care.
- You must have Medicare Parts A and B in order to get a Medicare Supplement plan.
While there are many Medicare Supplement plans, the three most popular are Plans F, G, and N. Let’s take a look at these three plans and see what each has to offer.
Plan G is the most widely used plan and is moderately priced. This plan covers all expenses Medicare doesn’t cover except the annual Part B deductible, which is currently $198. Once that deductible is met, you won’t have to pay any other charges.
Plan N also covers all expenses Medicare doesn’t cover except the annual Part B deductible of $198 and any excess charges not covered by Plan B. With Plan N, you’re responsible for a copay for doctor and specialist visits, and a copay if you go to the emergency room unless you're admitted. This plan is a little less expensive than Plan G.
Plan F is a comprehensive plan that pays 100% of charges Medicare doesn’t cover. There are no deductibles and no copays. Plan F is the most costly of these three popular plans, because it does have such comprehensive coverage.
Anyone enrolling in Medicare as of January 2020 will not be allowed to purchase Plan F. It will only be available to persons who are previously enrolled in Medicare.
Do You Have to Renew Your Medigap Plan Each Year?
The plain and simple answer to this question is no, you don’t have to renew your Medigap plan each year.
All Medicare Supplement plans are guaranteed renewable for life as long as you're paying your premium, either monthly, quarterly, semi-annually, or annually.
Why is My Medicare Supplement Reviewed Each Year Then?
Things change from year to year, and even though you don’t have to renew your Medigap insurance annually, it’s best to review your plan to make sure it’s still the best plan for you.
Medicare Supplement plan prices can and do change – as do situations in our own lives. Taking a look at your current situation as well as what each plan has to offer on a yearly basis is a good idea. It will keep you with the best coverage possible.
Medicare Supplement Rates Change
Comparing Medicare Supplement prices is a great way to decide if you're still under the best plan for your needs.
Medigap insurance rates increase each year. If the rate increase is too high or the plan you're currently under doesn’t fit your needs any longer, changing to a new plan might be best.
Medicare Allies Always Does Annual Reviews
Each year, our dedicated and licensed agents, will review your supplement and help you with any questions you may have.
They will guide you through the decision-making process and make sure you end up with the best possible Medigap plan.
Read More: What Do I Do When My Medigap Rates Go Up?
Do I Have to Renew My Part D Each Year?
Now that we’ve covered your Medicare Supplement, many individuals wonder about their Part D drug plan as well.
In short, you don't have to renew your Part D Drug plan each year, but it’s smart to look at and compare plan options during the Annual Enrollment Period (AEP), which is October 15th through December 7th.
Part D plans can have premium increases, changes to the drugs that are covered (this is called a formulary), and the pricing of the drugs (these are called drug tiers). Your health situation may have changed as well.
Looking at the different Medicare Part D plans and reviewing what is offered compared to what you need should be done annually.
Many seniors end up choosing a different plan after doing a new drug comparison.
All these changes year after year can become quite confusing. That’s why Medicare Allies is here to help you every step of the way. Contact us at 833-801-7999 or schedule a free appointment right here on our website.
Our team of dedicated, licensed agents can help you as little or as much as you need. Whether it’s answering a few questions about Medicare or creating a comprehensive Medicare Planner with you, we are your Medicare Allies.Email Us Now