Nobody likes finding out that they’ve been paying too much for their health insurance. But unfortunately, this is a common occurrence with Medigap plans. Many people only realize later that they could have saved money by asking the right questions upfront.

Below, this Medicare Supplement broker in Merrillville, Indiana is going to share some easy tips to help you avoid overpaying for your health coverage.

Take your time when choosing a plan.

Don’t rush when picking a Medigap plan. Prices can vary a lot depending on the insurance company, the plan, and your location. The coverage in each lettered plan remains the same regardless of who sells it, but the price does not.

For example, Plan G from one company will cover the same services as Plan G from another, but the price can be very different. That is because each company sets its own prices.

You could end up paying more if you rush the process. An experienced Medicare Supplement broker in Merrillville, Indiana can help you compare prices so you can make a confident choice.

Don’t get distracted by extra perks.

Some insurance companies offer extras like discount cards, wellness hotlines, dental or hearing coverage, or travel emergency care. These sound nice, but they also come with a higher price tag.

The main purpose of a Medigap plan is to cover costs that Original Medicare does not cover, like deductibles and coinsurance. The extras are not worth it if they make your plan much more expensive.

Watch your rates every year.

Most Medigap plans increase their prices once a year, usually on your policy anniversary or your birthday. Some companies may increase rates more than once a year.

A plan that initially seemed affordable can become expensive over time. The good news is that you are not locked into the same plan forever. You can change plans during your six-month Medigap Open Enrollment period or if you qualify for guaranteed-issue rights.

If you are in good health, switching will be easier because companies can’t deny you coverage. Reviewing your plan each year and watching how your rates change can help you stay ahead of big price hikes. A local Medicare Supplement broker can walk you through your options and tell you if switching could save you money.

Know what affects your price.

Medigap prices are not random. They are based on factors like your age, where you live, and how the company sets its prices. There are three common ways companies do this, namely attained age pricing, issue age pricing, and community-rated pricing.

With attained age pricing, your price will increase as you get older. It will start low but will grow over time. With issue age pricing, your price is based on your age when you buy the plan. It does not necessarily increase just because you get older, but it can increase for other reasons, like inflation. With community-rated pricing, everyone in your area pays the same price, no matter their age.

Each option has its pros and cons. Plans with attained age pricing can look affordable at first but can get expensive later. Issue age plans give you more price stability. Community-rated plans maintain predictable pricing for everyone.

Your local Medicare Supplement broker in Merrillville, Indiana can explain these options and help you choose a plan that complements your budget and your future needs.

Ask about discounts.

You may qualify for discounts and not even know it. Some companies give lower rates for certain factors, like being a non-smoker, being married, paying your premium yearly, using electronic payments, and having multiple policies in the household. These discounts can seem small month to month, but they add up over time.

Discounts vary by company, so you should always ask about available options. An experienced Medicare Supplement broker can help you find these savings and make sure you are getting the best deal possible.

Looking for a Medicare Supplement Broker in Merrillville, Indiana?

If you are looking for a Medicare Supplement broker in Merrillville, Indiana who can help you compare plans from different companies to find the best value for your specific health needs, Senior Care Insurance Services is the top choice. Contact us today to schedule a visit with our team.