One of the awesome perks of turning 65 is having a Medicare coverage. It provides you assistance in paying your hefty amount of medical bills. As we all know (at least now you know after you read this), that Medicare doesn’t cover your entire healthcare cost and it is called gaps. Good thing is that there are Medicare Supplement plans, also called as Medigap. As the name implies, it covers the “gaps” or pays for the costs that your Original Medicare did not pay for. But as much as you want to save on health care expenses, you also want to save on insurance premiums such as in Medigap. So, how can you do that?
Here are 7 ways to save money on Medicare Supplement Plans
# 1 Give time and effort
By giving time and effort, even just for an hour in one of your days, you’ll be able to save up to thousands of dollars in Medigap premiums.
Medigap insurance providers set their own prices which can vary significantly from one another. Remember that Medigap plans are standardized, therefore paying the most expensive premium in a certain type of plan does not provide you extraordinary benefits from the same type of plan given by another insurance company. Take time to choose wisely. Think about longevity and how much you’ll pay in the long run.
One of the best ways to survey the prices of various companies is by checking Medicare supplement quotes. You can request quotes online or by calling each insurer on the phone.
#2 Don’t miss the open enrollment period
Enrolling in Medigap during your open enrollment period gives you the benefit of guaranteed issue rights. That means insurers do not have the power to reject you no matter what is your medical history or even if you have pre-existing conditions. Missing this once in your lifetime opportunity will cost you expensive penalties or worst, you won’t be able to enroll in Medigap that will cost you a hefty amount of out-of-pocket expenses.
Don’t miss your Medigap Open Enrollment Period.
# 3 Choose only the plan that you need
It is understandable to want the best and the most comprehensive kind of coverage for ourselves. But getting what is best and most popular kind of plan might not be the one for you. Keep in mind that the type of Medigap plan that provides the most benefit comes also with a hefty premium.
If you are not the kind of person who always needs medical attention, then you can skip Medigap Plan F and opt for Plan G or other types. Take time to scrutinize the alphabet of Medigap and compare it to your needs, that way you’ll come up with the right plan with the best value for your money.
# 4 Consider an off-brand company
We heard of lots of brands of insurance companies that also offer Medigap plans and we tend to go to most popular ones. But take note that there are also other insurance companies that you never heard of that offer high rated Medicare supplement plans. Try to get their quotes and talk to your agent about them.
# 5 Compare premiums by state
If you travel a lot or you often go to various states in a year, then it is good for you to check which of the states offer the best premiums of Medigap.
# 6 Shop your plan when rate increase
Note that you can change your Medigap plans any time of the year. Find out if your insurers can let you switch your plan to lower type of Medigap. Some insurers will let you switch without underwriting and some will ask you some questions first.
# 7 Work with a Medigap professional/ agent or broker
Work with someone who knows Medigap thoroughly. Don’t hesitate to ask for ways how you can save on Medigap premiums even if this is your first time or doing a yearly update on your plan.