The news today wasn’t something that surprised me at all. I read this article in the Philadelphia Inquirer about how Medicare Advantage plans would probably be getting less reimbursement from the government, and how insurers will probably – wait for it – pass that along to consumers.
What does all this mean? Well, if you have a Medicare Advantage supplement plan (this is the kind that you have to review and can change every year), you may be looking at higher premiums. In addition, if the carrier for your plan decides they don’t want to deal with this situation of ever-decreasing reimbursement from Washington, they may cancel their plans entirely.
What can you do about it?
For 2014, you are locked into the plan you chose in the fall (or the plan you chose in years past). But come October 15th, you will be able to choose a new plan. What’s more, if you’re in good health, you can apply for a Medigap plan to start in January 2015, and if you’re accepted, you won’t have to deal with Medicare Advantage changeability ever again.
If you have questions about all the options available to you, do not hesitate to get in touch with me. Simply call or use the Contact form to get in touch with me.