Over the past few months, many who purchase Medicare supplements have discovered that their monthly premiums have increased rather significantly.  And while major health insurance carriers are known to periodically raise rates, it’s apparent that many of those affected have seen premium increases that are higher than previous years. 

In this article, we’ll review some of the reasons behind the increases, as well as options for those looking to keep their rates affordable without compromising coverage and care.

Why Did My Medicare Supplement Rates Go Up?

Before examining the reasons why Medicare supplement rates have gone up considerably in 2024, it’s important to understand a bit more of who controls what they’ll be, and the various factors that contribute to the rate at which they increase.  

In short, Medicare supplement rates are determined by the major carriers, such as BlueCross BlueShield®, Humana®, United Healthcare®, and others who offer Medicare.  Increases are calculated using a variety of factors that include current inflation rates, claim volume, internal expenses, regulatory changes, and several others.  As the collective sum of these costs go up, premium increases are initiated to offset the losses.

It’s equally important to note that health insurance agents—regardless of whether they’re independent or part of a larger group—have no say at all in what a person’s Medicare rates will be.  Monthly premiums are consistent from agent to agent, and there’s no such thing as a mark-up when it comes to Medicare supplements, or any other type of health insurance product for that matter.

How to Reduce Your 2024 Medicare Monthly Premiums

If you’re among the many who saw your 2024 Medicare supplement rates go up this year, or if you’re concerned that they will, there are several options available to help keep your premiums affordable going forward.  If you’re not comfortable doing the footwork on your own, a local health insurance agent can help make the process more understandable and streamlined.    

First, for those who are satisfied with the Medicare supplements they currently have, a licensed health insurance agent can review your existing plan and generate multiple quotes from other major carriers, to determine whether you may be able to get similar or identical coverage from a different health insurance provider.  Medicare supplement plans are typically identical from carrier to carrier, though the rates they set can vary.  An agent can identify the best rate, and handle all of the steps needed for a seamless transition.

Another option, and one that has proven to be very popular among those who’ve seen their supplement rates go up this year, is to switch to a Medicare Advantage plan.  Medicare Advantage, or Medicare Part C, includes all of the basic Medicare benefits, as well as coverage for healthcare services that are typically offered with supplements, such as:

  • Dental, vision and hearing coverage
  • Prescription medications
  • Gym and health club memberships
  • Coverage on a variety of OTC and fitness expenses
  • Transportation to medical appointments
  • Silver Sneakers® memberships
  • Home meal delivery

Why Consider Switching to a Medicare Advantage Plan

As Medicare supplement rates continue to increase, it’s understandable why so many individuals and couples over 65 are enrolling in Medicare Advantage plans.  In addition to offering a more diverse spectrum of benefits, it’s also proving to be a sound option for those looking to keep their premiums affordable and enhance the quality of their coverage.  Here are just a few of the benefits of Medicare Advantage Plan C:

  • Medicare Advantage copayments are considerably lower than before
  • Hospital and physician networks have expanded significantly
  • A comprehensive option that provides a wide range of benefits
  • Traditionally exhibits better stability when it comes to premiums
  • Can be more affordable than combining basic Medicare with supplements
  • Advantage plans are available from multiple carriers, starting at $0
Questions About Lowering Your Medicare Premiums? Premier in Lisle Can Help 

At Premier Financial Insurance in Lisle, our management has  been closely monitoring the ongoing Medicare supplement rate increases as they’re brought to our attention. If you’re in Illinois and have any questions about your coverage, concerns about the recent premium hikes, or would like to learn more about the benefits of Medicare Advantage, we staff a team of licensed agents who are ready to help.

Premier is located at 3333 Warrenville Road in Lisle IL, and open Monday through Friday from 9:00 to 6:00.  There are no fees for our services, and we offer expert consultation in-person, online and over the phone.  To speak with an agent right away or learn more, get in touch by calling 800-369-0287 or write to us through our website’s secure, confidential contact page.