Save on Medigap: 7 Easy Ways

Medigap policies, also known as Medicare Supplement Plans, has varying premiums due to a lot of factors such as the type of plans, insurance providers, and rating method. And just like any other insurance policies, Medigap premiums also undergoes inflation from time to time, which can be frustrating. Luckily, there are ways to save on Medigap. Here are some of them:

1.     Take a closer look at plans

You don’t have to opt for the most comprehensive plans just like others. You might be paying for the benefits that you won’t use. To save on Medigap, you have to take time to compare Medicare Supplement Plans and determine which type of plans could cover your needs. If you want a comprehensive plan, consider taking Medigap Plan G instead of  Plan F. Though you’ll have to shoulder Plan B Deductible, it won’t be that expensive as paying for the monthly premiums of that of Medigap Plan F.

save on medigap

2.     Take advantage of household discounts

Most Medigap insurance company providers offer household discounts to couples with policies in that same company. Through household discounts, you’ll be able to save on Medigap about 5% which can be really something when you add it up over the years. So check with your broker about this kind of discounts.

3.     Consider other Medigap insurance company providers

Aside from those popular brands of insurance companies, there are also other highly rated companies that you might not have heard of that can provide you with a Medigap plan. You can inquire or request  Medicare supplement quotes from all carriers in your area, online or in your broker.

4.     Take advantage of being healthy!

Being healthy has a lot of benefits! It not only physical benefits but also insurance savings benefits! Save on Medigap by not needing a comprehensive or the best is not needing a plan at all!  Because being healthy doesn’t need costly medical services and expensive health problems.

5.     Know different state rules

There states that will let you switch Medigap plans without undergoing medical underwriting. If you can or are living in these states with that rule, you’ll have the opportunity to switch plans yearly, when you find a much reasonable premium.

6.     Compare Medigap premiums by state

If you live in multiple states throughout the year, it is best to take a look at Medigap premiums that the state offer. See which of the states has a much cheaper offer. But ideally, you should buy your Medigap policy at the state that your Social Security has on their file.

7.     Shop your plan when its rate increases

Though you need to answer some medical questions when you switch plans to other companies, you can get the same plan with much lower premiums if you get approved.

Also, some carriers let plan holders switch to a lesser type of plan without the need to undergo underwriting. Inquire in your insurance provider if they will let you switch to another Medigap plan type.