Let’s break down some of the most common reasons seniors fear changing their Medicare plan, even if they are paying way more than they should. Sometimes though, making a change is the best way to put ourselves in the best position!
Many people fear change because they’re familiar with what they currently have. People sometimes forget that if you have a standardized Medicare Supplement (Medigap) plan, it’s meant to protect you. A Plan F with one company has the same Plan F coverage as any Medigap company in the United States. The coverage will be the same, but the big difference will be the cost. If you can keep the same plan and coverage but pay less for it, why not do it?
This fear of change keeps people in positions that are not best for them.
Another reason why a senior may not want to change their Medicare plan is because they have an emotional attachment. For example, suppose you have been with a particular plan or company for a while, and they have always covered everything you needed. In that case, it can foster an emotional attachment because you know what to expect and are familiar with the plan. This is where the familiar and emotional attachment aspects are connected.
Lack of Trust
The third reason is a lack of trust. We completely understand that there are so many scams and false information about Medicare, so it may seem like there is no one out there you can trust. But there are reputable places, and The Benefit Link is one! Our team has been here for years. We have longevity as far as the people who work here, and we have longevity as far as the clientele we have. We establish relationships where people can trust the information we’re giving them.
Another fear that people have is that their doctors may not accept anything else. We hear this all the time, but the key to protecting yourself in this scenario is knowing these two things:
- Medicare Parts A and B are generally accepted nationwide
- Medicare Supplements are standardized and are also generally accepted nationwide
Another concern is they can use their plan anywhere. For example, some people may have a home in a different state where they stay for the summer or winter and don’t know if their coverage will be relevant there. Other seniors like to travel, such as to see family or go on vacation. They don’t know if their coverage will work if an emergency happens along the way. Again, the key is understanding that if you have a standardized Medicare Supplement plan, you can go anywhere in the United States. Depending on the plan you have, you may have accessible foreign travel coverage as well.
The last reason we see is fear of pre-existing conditions being covered. That is something to be concerned about, most certainly. However, suppose you have a standardized Medicare Supplement plan. In that case, there are individual risk factors that each company has already pre-arranged for you to have coverage. So, as long as you can say no to all the health questions for whatever company you’re looking at, all pre-existing conditions would be covered.
We hope this helps you feel more comfortable to know that sometimes change is necessary to put us in the position to have a little bit more flexibility and comfort in our financial situation. If you want to learn more about what you can do to make changes in your plan or coverage, reach out to The Benefit Link today!