Five Tips to Save Money on Supplemental Medicare Insurance: Insights from a Supplemental Insurance Provider in La Porte, Indiana

The premiums for Medicare Supplemental Insurance (also known as “Medigap”) are subject to inflation in the same way that everything else is. However, when you are retired and living on a fixed income, receiving an annual letter that your premium is increasing can be incredibly frustrating.

If you’ve found yourself in this situation, there are some things you can do to bring down the cost of your premiums. This supplemental insurance provider in La Porte, Indiana is going to explain below.

1. Leverage household discounts

Many carriers offer household discounts in situations where both spouses have policies with the same company. Even minimal savings (of, say, 5%) can become substantial over the years. Additionally, some companies even provide discounts to anybody living with any other person — regardless of whether the two people are married to one another — even if the roommate in question does not have their own insurance. You should check with your supplemental insurance provider in La Porte, Indiana to see if you meet the requirements.

2. Consider Plan G

Medigap Plan F has held the position as the most sought-after plan for a long time. Who doesn’t enjoy a plan that offers coverage without requiring them to make any co-payments? However, this plan does not necessarily offer the best value. Medigap Plan G works the same way as Medigap Plan F, except that you are responsible for paying the annual Part B deductible ($233 in 2022) — you may even be able to find a Plan G that saves more than that in premiums.

3. Consider a high-deductible plan

Because they have lower monthly premiums, high-deductible health plans have become highly popular among those who are under the age of 65. There is a health plan with a high deductible that is also available as an option for supplemental Medicare insurance in La Porte, Indiana: it’s known as a High Deductible Plan F. In this plan, Medicare will pay its share, and you will be responsible for paying your share until you hit the plan’s deductible ($2490 in 2022). Next, the plan will pay 100% of your share for the remaining months of the year — precisely like the regular Plan F. The annual premiums for this plan are surprisingly affordable, allowing you to save hundreds of dollars every year.

4. Shop your plan every time your rates go up

You can easily make changes to your Medigap plan any time of year — but this is not the case with Part D drug plans. When you apply with a new insurance carrier, you must answer a few (easy) questions about your health. If you are approved, you may be able to get the same coverage at a lower cost. Some carriers will allow you to switch to a lower-cost plan within the same carrier without subjecting you to any underwriting. Check with your insurance provider to see if they would allow you to switch from Plan F to Plan G (or N) so that you can save money on your monthly premium.

5. Question bills that do not make sense

It is shocking how often Medigap policyholders get bills from their healthcare providers for amounts that they do not, in fact, owe. One such situation is when a hospital sends you an invoice for the Medicare Part A deductible ($1,556 in 2022) without first verifying whether your Medigap plan would cover the cost. If you mail that money to the hospital, it is unlikely that they will attempt to get in touch with you to issue a refund. Do not pay any bills without first questioning them, especially if they do not make sense. If you have any questions about unusual charges, you can always reach out to your supplemental insurance provider in La Porte, Indiana for clarification.

Looking for a Supplemental Insurance Provider in La Porte, Indiana?

If you are looking for a supplemental insurance provider in La Porte, Indiana, you’ve come to the right place. The licensed and trusted insurance agents at Senior Care Insurance Services (SCIS) can help you determine which coverage best meets your needs and financial situation. Ready to get started? Contact us today or fill out an online form to request a free quote.


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