With growing number of people purchasing the Medicare Supplement plans, its market is growing rapidly. Customers should, however, do some background research for ensuring that they get the best deals while buying Medigap policies. A little homework can save them significant sum of money while buying such plans. Medigap premiums have been rising steadily due to inflation and it becomes tough for retirees living on pension income to pay higher premiums. They can undertake the following before buying the ideal Medigap policy for them which will help them save money:
Collect and Analyze Quotes from Multiple Companies
The best 2020 Medicare Supplement Plans are sold by private insurance companies. These are regulated by the federal government and are standardized plans. Each variant of the Medigap plans- Plans A to N- provide the exact same benefit irrespective of the insurance company it has been purchased from. The Medigap plans are priced differently by various insurance companies. The customers should collect quotes from multiple insurance companies and select the lowest premium as the benefits are standardized and will not change with the insurance provider.
The Medicare Supplement plans provide discounts to the customers who purchase it for themselves and the spouse from the same insurance provider. Such household discounts can help the customers find the best deals in Medigap premiums and save considerably in the long-run.
Select the Plan Offering Value
Plan F is the most popular Medicare Supplement plan in the US. About 57% of the total Medigap policies sold in the year 2017 comprised of Plan F. Despite its immense popularity the Plan F does not offer the best value for money to the customer. Moreover, it will be discontinued for the new customers in the near-term. Customers should search for worthy alternatives like Plan G which offer similar coverage to Plan F, with the exception that the customer needs to pay the annual Medicare Part B deductible. However, it saves more than that by offering lower premiums.
Benefiting from State-Specific Rules
When the customers apply for Medicare Supplement plans after their OEP has ended, the insurance companies can reject their request due to medical history and health conditions. In some states, there are rules which allow the customers to switch Medigap plans without medical underwriting process. In California, customers can change to a policy with equal or lesser coverage during a 30-day period each year following their birthday. This is like an annual free pass to switch to insurance providers offering the best value for money.