I've been helping people with their Medicare choices for over 25 year and am constantly surprised that many people buy a plan at age 65 and regardless of price just keep renewing. Or they think all companies charge about the same so don't bother.
The company that might have a great price at age 65 could very well be $300 more expensive than other companies in a few years. Just because the company sells the most doesn't make it the best deal. And hearing "my agent looks out for me" is rarely correct.
Case in point. I took a look at pricing in Iowa. One company has about 60% of the business and at age 65 is $300 more expensive (Plan F, G or N) than others. It gets even worse at age 75. In Nevada one company writes over 50%. I just quoted Plan F for a 74 year old man paying $173. I can replace the coverage with the same plan but different company for about $135. That's almost $600 he's wasting! And of course going to Plan G saves even more.
How many billions of dollars are being wasted because either agents are too lazy to call their clients, or policyholders don't bother checking? (It's even worse if you do it yourself).
So, when was the last time you checked pricing? And if you do, how often?
Rick
The company that might have a great price at age 65 could very well be $300 more expensive than other companies in a few years. Just because the company sells the most doesn't make it the best deal. And hearing "my agent looks out for me" is rarely correct.
Case in point. I took a look at pricing in Iowa. One company has about 60% of the business and at age 65 is $300 more expensive (Plan F, G or N) than others. It gets even worse at age 75. In Nevada one company writes over 50%. I just quoted Plan F for a 74 year old man paying $173. I can replace the coverage with the same plan but different company for about $135. That's almost $600 he's wasting! And of course going to Plan G saves even more.
How many billions of dollars are being wasted because either agents are too lazy to call their clients, or policyholders don't bother checking? (It's even worse if you do it yourself).
So, when was the last time you checked pricing? And if you do, how often?
Rick