3 Costly Medigap Buying Mistakes
If you’re like most people, your money matters and you don’t want to make a bad decision when buying a Medicare Supplement (Medigap) plan. That’s why it’s important to be aware of what to expect when you start researching Medigap plans. In this article, I’ll share 3 tips on how to avoid making Medigap buying mistakes.
Tip #1: Don’t press the “Enroll” button
It’s common to want to shop online. After all, we do it with so many things in our lives now and the internet makes it very easy. But, you need to be very careful when pressing the “enroll” now button.
See why in the graphic below:
AND, if you do end up finding an Enroll Now button that actually allows you to input your information and buy a plan, then you’ve just forfeited any choices that were out there for you. Meaning, you settled for the ONE Plan F, Plan G or Plan N that company offered.
Which brings us to…
Tip #2: Don’t buy from the insurance company
Remember, the insurance carrier doesn’t offer any choices. You get their one price for Plan F, Plan G or Plan N. So, whether you choose to enroll online or call directly, it’s the same end result — no choices.
Keep in mind, a bigger brand name doesn’t mean a better plan. All Medigap companies offer the same exact plans and aren’t allowed to change benefits. The only thing they can do is charge a different rate for that plan.
And, they’re not going to tell you their competitor has a better premium. They’ll gladly sign you up for their Medigap plan and to sell you something else.
Which leads me to my most important tip about how to avoid Medigap buying mistakes.
Tip #3: Say NO to pushy sales tactics
This one upsets me the most. Learning a out Medicare Supplement insurance can be overwhelming. You don’t need the added pressure to buy when you’re not ready.
Unfortunately, high pressure sales tactics still exist. Let’s take a look at three examples.
Pressure to buy Medigap before rates increase
Mr. B contacted me after he called the insurance company to get quotes. He was reaching for a second opinion. He mentioned that the insurance company told him he should make his decision quickly since rates go up in October. This is a pressure tactic.
The insurance company was creating a sense of urgency that wasn’t real. In fact, rates weren’t going up in October because the insurer just had a rate adjustment a few months prior.
The agent at the insurance company put added pressure on him to believe he needed to buy right away.
Pressure to buy Medigap because you owe it to the agent
Mr. W told me he had an agent call him numerous times. The agent finally said, in so many words, that because she had taken the time to call and follow up with him that he should buy a Medigap plan from her.
This is highly unethical and just plain wrong. It’s okay for you to say NO to anyone who attempts to guilt you into buying Medigap. As insurance professionals, it’s our job to provide as much information as you need. You don’t owe anyone your business just because they gave you free information.
Pressure to get Medigap information over the phone
One of my clients told me that when he was in the research mode for Medigap plans, he kept getting a lot of phone calls. Mr. H informed the agents that he only wanted to communicate via email. However, each one of them (except me) said they preferred to communicate by phone.
That’s just one example of an insurance agent making the experience about themselves and not about Mr. H and his needs. But, why is the phone so important to many agents? Because that’s where they can work the pressure tactics into the conversation.
So it seems like I’ve eliminated any option for buying a Medigap plan. Well, I wouldn’t leave you without a solution.
If you don’t want to push the enroll now button, apply directly with the insurer, or deal with high pressure tactics then you can choose compassion, understanding, and patience. I know that’s seems odd. But, there are plenty of insurance professionals, like myself, who have those qualities.
The bottom line is you need to be comfortable making decisions about your Medigap benefits. Don’t limit your choices with one insurance company or let anyone pressure you into buying Medigap. You can do this! Just be diligent and use my tips on how to avoid the biggest Medicare mistakes.
We’re dedicated to help you throughout the entire Medicare Supplement process – from education, applying, and ongoing service. You may have many questions or none at all. Either way, we’ll customize our approach based on your needs. We make sure you’re getting the best value with your Medigap plan from year to year.
Just give us a call at 888-411-1329 or simply click on our quote form for free Medigap quotes. It’s an easy way to see just what we can do for you!
Thank you for reading our article 3 Costly Medigap Buying Mistakes. We’d love to hear your thoughts. Leave your comments below or email us your questions at firstname.lastname@example.org.
Joann Quinn is the Chief Compliance Officer and Cofounder of REMEDIGAP. She is a licensed Medicare agent in 47 states. Her main role is to provide essential resources and tools to educate eligible individuals on Medicare. Joann provides helpful Medicare education to thousands of viewers with our popular REMEDIGAP YouTube channel. With expertise in Medicare Supplement, Medicare Advantage, and Medicare Part D, Joann is a highly knowledgeable and sought after Medicare insurance professional.