When shopping for Medicare Supplement insurance (or Medigap), people often question whether they’re paying more than they should. In some cases, they are right. Many people overpay because they don’t know when to sign up or how to compare plans properly.

Below, this supplemental insurance broker in Knox, Indiana is going to share some tips to help you save money when choosing your Medigap coverage.

Why do Medigap prices change if the plans are the same?

All Medigap plans with the same letter are the same. For example, every Plan G offers the same basic benefits whether you buy it from Company A or Company B. The only thing that changes with these plans is the price.

That is because insurance companies can set their own prices. Some companies may offer a low starting rate and then increase it every year. Other companies may start with a higher price, but the rate stays more consistent over time.

This is where your local Supplemental insurance broker in Knox, Indiana can help. They can show you all the prices for the same plan from different companies in your area. You can then choose the one that gives you the best value for your money.

When should you sign up for Medigap to get the best price?

There is a special “Medigap Open Enrollment Period” when almost everyone gets the lowest price for Medigap. This enrollment window lasts for six months and starts when you are both 65 or older and enrolled in Medicare Part B.

During this time, insurance companies must accept your application regardless of your health status. They cannot charge you more either.

Once the six months are over, insurance companies can ask health-related questions. And if they don’t like your answers, they can increase your price or even deny your application.

Your local supplemental insurance broker in Knox, Indiana can tell you exactly when your enrollment period starts, and they can also help you get the most out of it. Signing up at the right time can save you hundreds, if not thousands, over the years.

Can state rules help you switch to a cheaper Medigap plan?

There are eight states with a birthday rule, including California, Idaho, Illinois, Louisiana, Maryland, Nevada, Oklahoma and Oregon. If you live in one of these states and already have Medigap, you can switch to a plan with the same benefits but a lower price without having to answer any health questions.

In other words, if you already have Plan G, you can switch to a cheaper Plan G from another company easily. You will not be turned down for preexisting conditions and you will not pay a higher rate solely because of your medical history.

Can you test a Medigap plan before making the switch?

Switching plans can feel like a risk, especially if you have had the same one for years. What if the new plan does not work out? What if you lose benefits or your costs suddenly increase?

Medigap gives you a safety net called the “free look” period. When you switch to a new Medigap plan, you get 30 days to try it out while keeping your old plan. During this time, you can see how the new plan works. If the new plan does not feel right, you can cancel it and go back to your old plan.

You do have to pay both premiums for that month. But it can be worth it because it is a risk-free way to compare plans and make sure you are getting the best value.

Looking for a Supplemental insurance broker in Knox, Indiana?

You don’t have to overpay for your Medigap plan. Once you know what to compare and when to enroll, it becomes much easier to find the plan that will save you money.

If you want expert help sorting through the options, it’s best to consult with a professional Supplemental insurance broker in Knox, Indiana. Senior Care Insurance Services (SCIS) has licensed agents who can help you understand Medigap plans in your area and show you where the real savings are. Contact us today to discuss your situation.