Video Duration: 2 minutes 30 seconds

Medicare supplement premium change intro: Elapsed time 0 minutes 0 seconds [0:00]

Medicare supplement plans, or Medigap plans, offer flexibility with no networks or referrals required, the freedom to see any doctor that accepts Medicare and a great addition to your Medicare coverage.

Like other aspects of life, it's common for premiums to change over time. All premium adjustments are filed, reviewed and approved by local insurance regulators.

When premiums go up, it can be tempting to switch carriers. While it may seem like a good idea in the moment, there's no way to guarantee your new policy won't change over time as well.

Let's dive into some of the factors that can affect your premium.

Factors that can affect your premium: Elapsed time 0 minutes 40 seconds [0:40]

Medical inflation, higher deductibles and an increased life expectancy can all influence the cost of insurance. As people live longer, they often require more expensive treatments, specialty drugs and extended medical care, which leads to higher policy premiums to cover these increased costs.

Other factors may be dependent on your type of plan. For example, an age-based policy will grow along with you as you get older. And a location-based policy could change your policy premium, even if you move to a different ZIP code within the state.

Premiums don't change based on an individual's claims, but instead are based on the claims of the entire population within that state. Changes in state regulations can also impact the coverage of disabilities in the state or guaranteed issue rights, allowing you to obtain certain policies outside of open enrollment period with pre-existing health conditions.

Some Medicare supplement plans, such as Plan C and Plan F, no longer accept new members. As this group gets smaller and the number of claims paid increases, the premiums for all members in this plan will go up. Depending on the plan, this also means that if you leave this plan, it may not be available in the future.

At the end of the day, your Medicare supplement plan exists to give you peace of mind and provide you with the convenience of guaranteed renewables, emergency medical care while traveling and coverage for certain out of pocket expenses, keeping overall health care costs low.

Review your policy: Elapsed time 2 minutes 11 seconds [2:11]

If you want to review your current policy, you can schedule a call or call us today at 1-800-531-8722.

We're here to help every step of the way.