When choosing your Medicare Supplement insurance options, you should be aware of the trends in the industry. Having this extra information can help ensure that you’re not overpaying on your health insurance. Our team at Good and Associates have helped thousands of clients save money through our understanding of the industry. And within our new post, we’re looking at the three trends to keep an eye on in Medicare Supplement insurance.
- New plans
One of the leading changes within the Medicare marketplace in recent years has been the introduction of several new plans. The new plans include M and N, and these plans offer a lower benefit, lower cost alternative to traditional Medicare options. Some plans have also been eliminated to make way for the new plans. For example, plan J has been completely removed from the Medicare program.
- Online quoting
Another change in the healthcare industry in recent years has been the integration of online quote tools. These tools allow those applying for Medicare to learn more about the types of coverage available and the cost of coverage. One of the reasons so many are now using online quote tools is that because they are so simple to work with and they can provide information within a quick timeframe. Patients can also now compare Medicare supplement plans directly to ensure they are getting the best value for money from their policy.
- Rising costs
Another consideration for those applying for the Medicare Supplement is that costs are set to rise significantly over the coming years. This is partly due to some Medicare Advantage patients who are in ill health turning to the Medicare Supplement for a lower cost alternative. This then raises the price on all enrollees. Supplement companies are also reacting to the evolving economic environment and increasing prices to compete.