(Courtesy of Medicare Done) Have you noticed your Medigap premiums going up this year? The increase is partly due to rising healthcare costs and the residual effects of the COVID-19 pandemic. During the pandemic, many elective procedures, such as knee and hip replacements, were postponed, leading to a backlog. As healthcare systems work through these delayed procedures, the volume of medical claims has surged. This uptick in claims, coupled with rising overall healthcare costs, has contributed to higher Medigap premiums.

To manage these rising costs, there are several strategies to consider. First, shopping around for different insurance companies can lead to savings. Medigap Plan G offers the same benefits regardless of the insurance carrier, so finding a carrier with a lower premium can be effective.

Another approach is to switch Medigap plans. Moving from Plan F, which covers all Medicare deductibles and copayments, to Plan G, which requires a deductible but has lower premiums, can be cost-effective. Similarly, transitioning from Plan G to Plan N, which involves more cost-sharing but offers lower premiums, might be worthwhile if the savings on premiums outweigh the additional out-of-pocket expenses.

For those in decent health, exploring Medicare Advantage plans might be beneficial. These plans often have lower premiums and can be paired with supplementary plans like Hospital Indemnity, Cancer Plans or Critical Illness Plans to cover additional costs.

Navigating these options can be complex. Consulting with a Medicare expert can provide personalized advice to help you find the best plan for your needs. For assistance, call Sarah Jeremias at 248-919-8193 or email [email protected] and get help in choosing the right coverage.