Tips for Saving Money on Medigap Premiums: Insights from a Supplemental Insurance Broker in Merrillville, Indiana

As you age, your body undergoes several changes, and the likelihood of developing health problems can increase. These issues can significantly impact the lives of seniors, and they may often require ongoing care and treatment. Since older adults may face challenges managing their health, it becomes increasingly important to explore additional insurance coverage — such as supplemental insurance, or Medigap.

Below, this supplemental insurance broker in Merrillville, Indiana is going to provide some helpful tips that seniors can use to save money on their Medigap premiums while still getting the coverage they need.

Understanding Medigap

Medigap policies are designed for seniors to help cover costs and gaps that the Original Medicare Plan doesn’t otherwise reimburse. However, understanding its specifics can be tricky since it involves several complexities. The important point to note is that Medigap only supplements the Original Medicare plan and differs from a Medicare Advantage Plan.

When you are enrolled in Original Medicare and Medigap, they will both pay their share of covered healthcare expenses. Plus, you must have Plan A and Plan B.

When you get your policy through a supplemental insurance broker in Merrillville, Indiana, you will pay a monthly premium for Medigap in addition to the Medicare Part B premium. You can buy your policy from any licensed service provider, and it will cover one person, the insured. As long as you’re paying for it, the insurer cannot cancel your policy, i.e., your policy is guaranteed renewable.

Remember, any Medigap policies sold after January 1, 2020, do not cover prescription drugs. To get this coverage, you will have to enroll yourself in a Medicare Prescription Drug Plan (Part D).

Tips for Saving on Medigap Premiums

It’s important to invest wisely in your policy and make sure you aren’t overpaying for your premium. Here are some tips that could help you save money:

Compare Medigap Plans

One of the key ways to save money is to compare multiple plans. Prices and coverage can vary significantly, so it’s crucial to shop around and explore your options. It’s wise to request quotes from at least three supplemental insurance brokers in Merrillville, Indiana, and make sure you know the benefits you’re getting for the price you’d pay.

Choose a Plan with a High Deductible

A plan with a high deductible will typically have lower premiums. If you’re in good health and don’t anticipate needing extensive care, you may want to consider opting for a high-deductible plan to save on your monthly premium. But you must also have the means to cover that cost when necessary.

Consider a Plan with Fewer Benefits

While you may wish to have comprehensive coverage, it isn’t necessary for everyone. Carefully evaluate your healthcare requirements and assess whether you can use a Medigap plan with fewer benefits to meet your needs. Fewer benefits might incur lower premiums, making them an attractive option for those seeking to save money.

Enroll During the Open Enrollment Period

The Medigap Open Enrollment Period is the best time for securing affordable premiums. The period begins when you turn 65 and are enrolled in Medicare Part B. During these six months, insurance companies cannot deny you coverage or charge higher premiums based on any pre-existing diseases. Take advantage of this period to compare plans and find a reasonable Medigap policy.

Maintain a Healthy Lifestyle

When you maintain a healthier lifestyle, it keeps your well-being in check. This can reduce healthcare expenses and, in turn, contribute to more affordable Medigap premiums. It’s important to have a balanced diet, exercise regularly, and take preventive care to lower your medical costs.

Ask For Household Discounts

Yes, some Supplemental Insurance brokers in Merrillville, Indiana, may offer household discounts for those living with a partner with a Medigap policy. If both of you are eligible for Medigap coverage, make sure you inquire about potential discounts and insure multiple individuals within the same household.

Review Your Policy Annually

Medigap premiums change over time, so annually reviewing your plan is important to ensure you’re still getting the best value for your money. Premiums can increase due to changes in the age bracket, inflation, or other factors. Compare your current plan with other available options during the Annual Enrollment Period and ask for any cost-effective alternatives.

Looking for a Supplemental Insurance Broker in Merrillville, Indiana?

Managing your well-being as a senior adult can be challenging. However, with the help of a supplemental insurance broker in Merrillville, Indiana, you can alleviate your financial burdens by getting the best deal on the healthcare coverage you need.

Are you ready to explore your options? If so, Senior Care Insurance Services (SCIS) is the company to call. Contact us today to schedule a free consultation.