Supplement premium went up? Your Oklahoma options

Medicare Supplement (Medigap) companies can raise premiums, and many policyholders get a rate-change letter at some point in the year. Your benefits don't change, because supplement plans are standardized by letter. Only the price does. That means you may be able to get the same coverage for less.

Why supplement premiums go up

Medicare.gov describes three ways companies set supplement prices:

• Community-rated: generally everyone pays the same premium, regardless of age.
• Issue-age-rated: based on your age when you bought the policy. It doesn't rise because you get older.
• Attained-age-rated: based on your current age, so it goes up as you get older.

With any of these, premiums can also rise because of inflation and other factors. Ask how your policy is priced before you compare.

Your options

1. Keep your plan. If the new premium still works for you, you don't need to do anything.
2. Same plan letter, different company. A Plan G has the same benefits from every company that sells it, so comparing prices on the same letter is often the simplest move.
3. A plan with fewer benefits. For example, moving from Plan G to Plan N can lower your premium in exchange for some copays. See Plan G vs. Plan N.

The Oklahoma birthday rule

Oklahoma's birthday rule gives Medicare Supplement policyholders a yearly window, starting on their birthday, to move to a supplement with equal or lesser benefits without health questions. If your premium went up, this window is often the best time to switch. Read the birthday rule guide for the details and timing.

Outside of the birthday rule and other guaranteed-issue situations, a new supplement application may include health questions. Don't cancel your current policy until a new one is approved.

What to have ready

• Your rate-change letter and current premium
• Your plan letter (for example, Plan G or Plan N)
• Your date of birth and ZIP code
• Whether you use tobacco (it can affect price)

Want me to check it for you?

Send me your plan letter and new premium, and I'll compare Medicare Supplement options available to you, at no cost to you.

Sources: Medicare.gov, Medigap costs; Medicare.gov, Medigap. The OID Medicare Assistance Program (800-763-2828) can also help.