Information you need to live a happy, worry-free retirement!
Oct 4, 2016
Blue Cross Blue Shield of Michigan will increase rates for those in its Legacy Medigap Plan C starting Jan. 1, 2017. The proposed increases are expected to impact nearly 200,000 Michigan beneficiaries, with rates doubling for some.
Blue Cross Blue Shield of Michigan members will have until Nov. 14 to re-enroll in Plan C for 2017. However, if you’re in this plan you may consider switching during Medicare’s open enrollment, which runs Oct. 15 through Dec. 7. Medicare MarketPlace® represents some of the nation’s top carriers and can compare rates and plan benefits to find a policy that works with your needs and budget.
“We’ve always tried to educate consumers about the importance of reviewing their Medicare plans annually during open enrollment because of the potential impact on budgets, but this Michigan rate hike is an example of how failing to do an annual review could cost you a lot of money,” said Brian Hickey, vice president of Medicare MarketPlace.
The rates will now be age-rated, meaning the older you are the more you will pay. For example, the monthly payment will increase anywhere from $48 a month for a 65-year-old woman to $177 a month for an 80-year-old man, according to The Detroit News.
“This is going to be a big jump for just about everyone," Jo Murphy, executive director of the Michigan Medicare/Medicaid Assistance Program, told the Detroit Free Press. The proposed increases "add up quickly, especially if you are retired and on a fixed income," she said.
Even a Blue Cross official acknowledged that some Plan C members might find a different plan to better meet their needs.
There are approximately 200,000 seniors purchasing Medigap policies through Blue Cross. Another 200,000 seniors purchase Medigap from the dozen or more carriers in Michigan.
The Licensed Insurance Agents at Medicare MarketPlace can review your current plan, compare it with other plans and potentially find a lower-cost plan with similar or possibly better benefits, Hickey said.
Or, fill out this form if you’d like us to contact you to review your existing coverage and compare other plans.