Why should you choose a Medicare supplement plan instead of Medicare Advantage?
It really boils down to one reason: We’d rather be safe than sorry.
Here’s what we mean.
The Importance of Underwriting
When you first enroll in Medicare Part B – either when you turn 65 or when you leave an employer’s health plan after age 65 – you can enroll in the Medicare supplement plan of your choice. In insurance terms, the plans are “guarantee issue” – you are accepted into the plan regardless of any current or past health issues.
But you only get one shot.
If you want to change plans in the future, you’ll have to go through medical underwriting. That may not be a problem… but it might. And, let’s be honest, the older we get the trickier medical underwriting can become.
Why the Cheapest Medicare Plan Is Not Always the Best
As you approach age 65, as you’ve undoubtedly realized by now, you will be the target of a really high volume of marketing materials for various Medicare plans out there.
We’ve been around enough to have seen a number of different companies enter a marketplace with an aggressively priced Medicare supplement plan. (We get a lot of marketing too, trying to get us to sell a “hot new plan” to our clients!). You’ve never heard of this company… but that price looks very tempting.
But here’s what happens. Once that company establishes itself in the market, the prices will typically begin to go up. As they do, the healthy people who can get through underwriting will move elsewhere, leaving the less healthy people stuck in a plan as costs spiral upward.
Remember… you get one shot at this without underwriting.
That’s why our approach to Medicare is conservative. We recommend our clients purchase a Medicare supplement plan from a well-established, reputable company that we know will be around.
Our goal is to help our clients find a Medicare supplement plan that will be the right fit when they’re 85, not just when they’re 65. We don’t want you to be stuck with something less than optimal when you really need it. Because at that point, it might be too late to go through underwriting.