Save Money On Medicare Supplements

A recent survey collected data that proved men and women could save 39% on Medicare supplements.  Comparing different companies while searching for a plan is the first step.

Popular plans include Plan F, G, and N. Plan F controls almost 40% of applicants for Medicare Supplements while Plan A and N attracted 10% of applicants. To this day, Plan F is a highly demanded Plan.

The findings from Senior Market Solutions showed that by comparing Medicare Supplement options our applicants save an average of 39% on premiums by choosing the lowest cost plan.  The survey analyzed non-smoking men and women from about 70 zip codes and showed that seniors could save over $100 monthly. From comparing and reviewing all options, women could save 42% on a Medicare supplement Plan F and men could save 44%.

In 2020, Plan F and Plan C are widely characterized as full coverage or first dollar coverage.  These Cadillac plans will no longer be offered for sale. Plan G will be the closest replacement but will come with a deductible. The Medicare Part B deductible and the amount is set annually by Medicare.

Easy Ways to Save Money on Medicare Supplements

1) Be realistic about your healthcare needs. It is safe to say that not everyone has the same needs. If you have health issues that require regular visits to a doctor, you need to consider this when choosing a plan. In this instance look at the worst-case scenarios every time.

2) Consider other plans than Plan F. While Plan F offers the most coverage one can obtain as a Medicare beneficiary, both plan G, and plan N also cover well with minimal out of pocket exposure.

3) Don’t keep the same plan every year.  Even if you are happy with your current coverage, reviewing your policies annually can save you hundreds of dollars per year. We recommend taking a look at the market near your policy anniversary date as this is when you may experience rate increases. Underwriting may apply.

4) Understand your Medicare rights.  Guarantee issue rights and Medicare Enrollment Periods can provide you with the opportunity to add coverage to which you may not otherwise have access.

5) Determine if your state has special enrollment rules. Some states allow beneficiaries that have a Medicare Supplement plan can switch to another plan.  It must be of the same plan letter in the month surrounding their policy anniversary date without going through underwriting.

6) Schedule your free wellness exams. Medicare provides these free annually, allowing you to be proactive with your health and to better understand what level of coverage you may need moving forward.

7) Always ask about household discounts. Some carriers will provide a discount on premiums known as a “household discount”. this can help you save money on Medicare supplements, sometimes as much as 12% monthly.

8) Consider more than brand names to save money on Medicare supplements–federal standardization is key for anyone researching Medicare Supplement plans. Understand that there is no difference from company to company.  This will allow you to find the best possible policy for your needs and budget.

9) Get a grasp on pending legislation – In 2020. Part D and new Plan F policies will no longer be available. Knowing this can help you save money on Medicare supplements.

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About Alicia Gibbons

Alicia is a Senior Office Administrator in the Medigap industry and has 10 years experience. She is a one stop shop for answers, information and support for Medicare clients. When shes not writing you can find her in the garden.