Are you paying too much for your supplement coverage?
i am often asked how to save money on Medicare supplemental insurance, without loosing coverage.
The short answer… YES!
One of the only ways a Medicare supplement policy can differentiate is through price. Keep in mind that Medicare supplemental policies (Medigap) are labeled with the letters A through N. A specific set of coverage’s accompanies each letter and those coverage’s cannot differ from one company to another. For further details check out this video piece by Cullen Teska (Licensed Medicare Advisor).
For example, in the state of Iowa a Plan F (most popular) with one company is $80.60 monthly that same Plan F with another company will cost you $226.83 monthly. That’s a huge difference in premium for exactly the same policy. (Published rates as of 5/30/2017)
Its not all about cost though or a least in shouldn’t be. Its just as important to review financial strength ratings, claims payment history and customer service performance.
This is where working with an independent agent can be of great value. Typically, they are contracted with many different companies which will give you greater flexibility when it comes to looking for savings with other companies. A great agent will do all the legwork for you and then present the best options available in your area. With access o tools such as a Medigap Rate Finder, an agent can look recommend a wide variety of plan options and prices, ensuring that you get the best coverage at the lowest price.