What to Do If Your Medicare Supplement Premium Is Increasing

If you’ve recently opened a letter showing your Medicare Supplement (Medigap) premium is increasing, you’re not alone. Premium increases are one of the most common reasons people reach out to my office each year — and they often leave people wondering if they should switch plans or stay put.

The good news? A premium increase doesn’t automatically mean you’re in the wrong plan. But it is a signal that it’s time to review your coverage.

Here’s what you should know — and what steps to take — if your Medicare Supplement premium is going up.

Why Do Medicare Supplement Premiums Increase?

Medicare Supplement premiums can rise for several reasons, including:

• Age-related increases (common with attained-age pricing)

• Rising healthcare costs

• Claims experience within your plan

• Carrier-wide rate adjustments

• Inflation and administrative costs

It’s important to understand that premium increases are common across the industry, not just with one company.

First Step: Don’t Panic (or Cancel Your Plan)

One of the biggest mistakes I see is people canceling their plan before reviewing their options.

Before making any changes:

• Confirm when the new premium takes effect

• Check whether the increase is annual or age-related

• Review how long you’ve had your current plan

• Make sure you understand your health underwriting status

Canceling too quickly can lead to loss of coverage or denial if health underwriting applies.

Should You Shop for a New Medicare Supplement Plan?

Switching plans may make sense, but it depends on a few key factors:

✔ When Shopping Makes Sense

• You are in good health

• Your increase is significantly higher than market averages

• Comparable plans are available at lower rates

• You haven’t developed conditions that could affect underwriting

⚠ When Switching May Not Be the Best Option

• You have health conditions requiring medical underwriting

• You’ve had your plan for many years with stable coverage

• The savings don’t outweigh the risk of denial

Every situation is unique — which is why personalized guidance matters.

Why Work With a Local Medicare Agent?

A local, independent Medicare agent can:

• Compare multiple carriers at once

• Explain underwriting requirements before you apply

• Help you avoid coverage gaps

• Provide ongoing support year after year

At Pierce Insurance, I review Medicare Supplement plans every day and help clients determine whether staying put or switching makes the most sense — based on health, budget, and long-term stability, not just price.

A Medicare Supplement premium increase doesn’t mean you made a bad decision — but it does mean it’s time for a review.

The right move could be:

• Staying right where you are

• Switching to a more competitive carrier

• Planning ahead to avoid future increases

The key is making an informed decision, not a rushed one.

If your Medicare Supplement premium is increasing and you want a second opinion, I’m happy to help.

📞 Call Pierce Insurance at 515-257-6663