How to Get the Most Out of Your Medicare Renewal Meeting

Medicare Supplement (Medigap) premiums typically go up once, sometimes even twice a year. But the good news is, you may be able to keep the same great coverage and lower your premium.

At Sams/Hockaday, we meet with our clients, typically once per year, to review their current plan, shop the market, and explore opportunities to save money.

Here’s why these annual renewal meetings are important—and how to prepare to get the most out of yours.

Why Do Medicare Supplement Premiums Go Up Over Time?

Medicare Supplement plans are known for offering reliable, consistent coverage—but the price isn’t fixed forever.

Most people see their Medigap premiums go up at least once a year. Some carriers even raise your rate on your birthday. Because nothing says “Happy Birthday” like a higher premium, right? 

While your benefits stay the same, the cost often increases due to:

• Rising Healthcare Costs and Inflation: As the overall cost of healthcare services increases, insurance companies adjust their premiums to keep up.
• Age-Related Increases (Attained-Age Rating): Some Medigap plans use an “attained-age” pricing model, meaning your premium is based on your current age and increases as you get older.

That’s why it’s so important to check in once a year and see if there’s a more affordable option available.

Here's an example of how an annual review can save you money: Michael Sams Saves 78-Year-Old Over $1,700 on Her Medigap Plan

Do I Have to Switch Plans to Save?

Not at all.

The purpose of your renewal meeting is to make sure you’re still in the best possible plan—not to push a change.

If your current plan still offers great value, you’ll keep it. But if there’s a chance to get the same benefits at a better price, your agent will walk you through that option, too.

What many people don’t realize is that Medicare Supplement plans are standardized by the federal government. That means Plan G is Plan G, no matter which insurance company offers it. The benefits are exactly the same. The only differences are the price and which company is selling the policy.

As long as you can health qualify, you’re not locked in with one company forever. If your premium has gone up and you can pass medical underwriting, you may be able to switch carriers and pay less for the same exact coverage.

But insurance companies probably aren’t going to tell you that—they want to keep your business.

That’s why working with a trusted Medicare agent makes all the difference.

Related case study: Taylor Thomas Saves Client Over $1,200 On Her Medicare Supplement

What Does It Mean to “Health Qualify”?

If you want to switch to a different insurance company outside of your initial enrollment period and pay less for the same plan, you will have to health qualify. 

This means answering a few basic health questions during the application process.

You might be asked about:

• Recent hospitalizations
• Chronic conditions (like cancer, COPD, or heart disease)
• Current medications 
• Any recent or upcoming surgeries

If you’re in fairly stable health, there’s a good chance you’ll qualify and be able to keep your same benefits at a better price.

And if health qualifying isn’t an option right now, your agent can still talk through alternative solutions like Medicare Advantage (MA) plans.

When Should You Schedule Your Renewal Meeting?

Medicare Supplement plans can be reviewed and shopped at any time of the year. You’re not limited to a specific enrollment window like with Medicare Advantage or Part D plans.

If you’re outside of your Medigap Open Enrollment Period (a one-time, six-month window that begins when you’re 65 or older and enrolled in Medicare Part B), you’ll just need to health qualify and meet certain requirements to switch plans.

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So, you can schedule a renewal meeting whenever it makes sense for you.

Many people schedule their renewal meetings:

• Around their policy anniversary date
• After receiving a rate increase notice
• If they’ve had a change in health or prescriptions
• Or simply as an annual habit to stay ahead of rising costs

What to Have Ready for Your Renewal Meeting

To help your Medicare renewal meeting go smoothly and make the most of your time, take a few minutes to gather the following before your phone call or appointment with your agent:

1. Your red, white, and blue Medicare card. We’ll need to reference a few things from the back of your card—so keep it close by!
2. Your current premium (and any notice of a rate increase). Has your plan gone up in cost recently? If so, bring along that letter or your most recent bill.
3. A list of your current medications—and what you’re taking them for. This will help us determine if you can health qualify for a lower price.

Example of how our agents can help you: Michael Sams Helps Couple Save $960 On Medigap Plan G

We’re Here to Help

At Sams/Hockaday, our goal is to help you stay informed and in control of your Medicare coverage.

During your renewal meeting, we’ll shop the market on your behalf to see if there’s a way to save you money and help you feel confident with your Medicare plan for the year ahead.

Even if you stick with your current plan, the peace of mind is worth the check-in.

Call us today at 217-423-8000 to schedule your Medicare renewal meeting.