Whether you are new to Original Medicare and shopping for your first Medicare Supplement, or you currently have coverage but are interested in some money-saving options, this post can help. At Medigap Planners, we put together a list outlining the top 5 ways you can save money on your Medigap Plan.
1. Compare as Many Medicare Supplement Companies as Possible
With today’s technology, you can easily compare the rates of all the available companies and plans online. Always compare rates using, at least, two different sources. It is standard practice for websites to edit their comparison results to show you only the companies they represent, this is particularly the case with direct company sites. Other sites will only show you the companies that pay them a higher commission. It pays to shop around. At Medigap Planners, we guarantee our rate comparisons are always 100% complete. We’ll show you every available Medicare Supplement option.
2. Choose the Right Medigap Plan
More expensive isn’t necessarily better. Most Medicare eligibles will buy a Medigap Plan F without exploring all of their options. With a Plan F, you pay for benefits you probably won’t need. Also, over the years, rate increases tend to be higher with Plan F when compared to other plans, like Medigap Plan G and Medigap Plan N. Certain plans can end up costing you significantly more over the long term.
3. Ask Your Agent About Household or Marital Discounts
In some states, many companies will offer a 10%-15% discount for individuals who have shared a home with someone for at least a year. Other companies will offer the same discounts for married couples when they both enroll in the same Medicare Supplement Plan. While these savings are not always available, it benefits you to ask.
4. Consider Buying a Medicare Select Plan
Medicare Select Plans work the same as standardized Medicare Supplements with only one difference. If you need to be admitted to a hospital, or you require inpatient treatment, you will need to use a network hospital. Otherwise, Select plans offer the same benefits. If there is a high-quality network in your area, a Medicare Select Plan is an excellent way to save on your Supplemental premium.
5. Work with an Experienced Independent Agent
An independent agent will represent many Medicare Supplement companies giving you more health coverage options. They are also able to recommend changes in coverage in case of rate increases. Direct company or “captive” agents only have one option to offer you. Working with an agent with the flexibility to offer you the best plan, regardless of the company, is a tremendous money-saving benefit.
At Medigap Planners, we specialize in senior insurance products. In fact, it’s all we do. If you require a quote or have any questions about your coverage options, just give us a call.