My Medicare Supplement Premium is Out of Control!

Think back to when you first enrolled into Medicare after turning 65 (or later if you continued to work). You likely found yourself at a crossroads: Medicare Advantage or Medicare Supplement.

You chose the (at the time) the sensible option: a Medicare Supplement. With this type of Medicare coverage, you have...

• No Network Restrictions

• Limited to no Out-of-Pocket costs

• High (and rising) Monthly Premium

You enjoy the freedom of being able to choose any Medicare-approved provider. You appreciate not having out-of-pocket costs when going to the doctor, having a surgery, etc.

But that last bullet point is the kicker: High (and rising) Monthly Premium. If you've had a Medicare Supplement for a few years now, what you're paying each month today is not what it used to be.

Over time, many Medicare Supplement enrollees experience an uncomfortable reality: annual premium increases that seem to outpace what they expected.

Some increase is normal. Medicare Supplement premiums are not static:

• Age-related pricing structures — Most plans use attained-age pricing, meaning premiums increase as you get older.

• Medical claims experience — If the overall pool of members on a plan is utilizing more healthcare services, insurers may adjust rates to account for higher costs.

• Healthcare inflation — Hospital services, physician care, prescription medications, and medical technology continue to become more expensive over time.

For many people, these increases are gradual at first. Maybe it is an extra $8 one year, then $12 the next. But after several years, those increases begin to compound. A premium that once felt very manageable at age 65 can look considerably different at age 72, 75, or 80.

This creates a question many beneficiaries eventually ask:

"Am I still in the right plan?"

Now, that does not automatically mean Medicare Supplement coverage was the wrong choice. For many individuals, the predictability of low out-of-pocket costs and broad provider access remains extremely valuable.

But it does mean your coverage should not be viewed as a "set it and forget it" decision.

So where does that leave you?

Shopping your Medicare Supplement

The first option is seeing whether another Medicare Supplement carrier can offer the same coverage at a lower premium.

And here's an important distinction that many people don't realize:

If you move from one Medicare Supplement Plan G to another Medicare Supplement Plan G (or F to F, N to N, etc.), the coverage itself is identical. The medical benefits do not change. You can still see any Medicare-approved provider, and your out-of-pocket exposure remains the same.

However, if you're in Ohio, changing Medicare Supplement carriers requires medical underwriting.

That means the insurance company can review health history and ask questions regarding current conditions, recent procedures, prescriptions, and other medical factors before approving the application.

For some people, switching is straightforward. For others, medical history may prevent them from changing plans altogether.

Even if approved, it's important to understand what this strategy actually accomplishes.

Lowering your premium by moving to another carrier will certainly create savings today. But it is often more of a reset vs. a permanent solution. The same forces that caused your current plan's premium to increase — age, claims experience, and healthcare inflation — will still exist with the new carrier.

Consider Medicare Advantage

The other side of the Medicare coin, a Medicare Advantage Plan is your other coverage option compared to a Medicare Supplement.

Medicare Advantage approaches healthcare differently. Instead of paying a higher monthly premium in exchange for very limited out-of-pocket costs, Medicare Advantage generally works in the opposite direction:

• Lower (often $0) monthly premiums

• Defined Copays and Cost-Sharing as services are used

• Provider Networks

• Potential Prior Authorization Requirements

Historically, those last two points caused many people to immediately dismiss Medicare Advantage.

And several years ago, those concerns were understandable. But Medicare Advantage in the 2010s is not Medicare Advantage in 2026.

Over time, many plans — particularly here in Ohio — have significantly strengthened their provider networks and expanded access to hospitals and physicians. Today's plans can look very different from what many people may remember hearing about years ago.

As Medicare Supplement Premiums continue to rise, Medicare Advantage's $0/month premiums become more and more attractive.

Here's a real-life example:

If you're paying $250/month for your Medicare Supplement Plan G, you would stand to save roughly $3,000 in premium across just one year of having a $0 premium Medicare Advantage Plan.

And while you would be subject to copays and cost-sharing, all Medicare Advantage Plans have what's called a Maximum Out of Pocket Amount (MOOP).

The MOOP acts as a financial safety net. Once your spending on covered medical services reaches that limit during the plan year, the plan pays 100% of covered in-network medical costs for the remainder of the year.

A Medicare Advantage Plan's MOOP can hover anywhere between $4,500 - $7,500 depending on the type of plan. Compare that with your Medicare Supplement premium (that you pay whether you use the plan or not), and you can start to see why Medicare Advantage is a worthy consideration.

Next Steps

If rising Medicare Supplement premiums have you questioning your current coverage, there does not need to be an immediate rush to make a decision.

If you are considering Medicare Advantage, timing matters.

The opportunity to make that transition is during the Annual Election Period (AEP), which runs each year from October 15 through December 7, with new coverage beginning January 1.

And before making any decision, the first step should never be simply comparing premiums.

That means reviewing:

• Your doctors

• Preferred hospitals and health systems

• Prescription medications

• Expected healthcare utilization

At Seniority Benefit Group, our role isn't to push one type of coverage over another. Medicare decisions are highly personal, and options can vary significantly from one person to the next.

Our goal is to help you understand your options, review how they align with your providers and healthcare needs, and provide guidance based on your individual situation.

And if you want a broader overview before taking the next step, we also created an educational video breaking down the major differences between Medicare Supplement and Medicare Advantage coverage.

https://www.youtube.com/watch?v=hzyYVDVJKRg