How Shopping Your Medicare Plan Could Save You

Today, I want to dig into why reviewing your Medicare plan can be so impactful. While it might seem like just another task to add to the list, the Centers for Medicare and Medicaid Services (CMS) recommends that everyone review their plan annually. But here’s the kicker—only three out of 10 people actually do this each year.

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Key Takeaways

• Annual Review: Even if you feel set in your current Medicare plan, a yearly review can uncover potential savings or better coverage.
• Avoid Unnecessary Costs: Staying informed about your options could mean avoiding paying for coverage you don’t need.
• Peace of Mind: Knowing you’re in the right plan brings reassurance and security.

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Here are two real-life success stories where a Medicare review led to significant savings.

1. Avoiding Unnecessary Medigap Payments One gentleman had been on Original Medicare with a Medigap supplement for years. When he decided to switch to a Medicare Advantage plan years before we met with him, the person who helped him with the switch didn’t remind him to cancel his old Medigap policy. He ended up paying $200 a month for almost two years on a policy he could no longer use. We were able to help him cancel the unnecessary plan and find a Medicare Advantage plan better suited to his needs. This simple review saved him from continuing to pay for a Medigap plan he couldn’t use.
2. Saving Big by Switching from Retiree Health Insurance Another client, a retired city employee, was paying $500 per month from her pension for her retiree health insurance. After reviewing her options, we found that she could move to an Original Medicare plan with Medigap that suited her needs perfectly and eliminate the $500 a month cost for private retiree health insurance through the city. While she was glad for the new savings, it was bittersweet realizing that she had paid for a policy for ten years that she likely didn’t need.

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Why a Medicare Review Matters

These examples highlight the real value of taking the time to review your Medicare plan each year. Maybe you’re in the right plan already, and that’s fantastic. You’ll have the peace of mind that comes from knowing you’re making the best choice for yourself. But if there’s an option out there that fits your needs better and could save you money, wouldn’t you want to know?

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To learn more about Medicare health plan options click here to schedule a 15 minute zoom call. Let’s make sure you’re getting the most from your plan.

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Until next time, stay informed and take care!