Many people are talking about saving money these days. It is a primary topic of discussion. Prices for some things seem set in stone though, as if there is no way to reduce your costs. Most seniors assume that Medicare Supplement plans fall into the “set in stone” category; however, that is not necessarily the case, as there are several significant ways to save money on your Medigap plans.
Below, we have listed three way to save money on your Medigap insurance that many people may not recognize or know about:
- Household (husband-wife) Discount – This is probably the easiest way to save money – to have the same plan as your spouse. Not all companies offer this, but the majority of competitively-priced companies do. It is an incentive to keep all of your business (both you and your spouse) with the same company. If you ARE with the same company and are NOT receiving this discount, you should ask your current company about it – or, possibly, find a new company that would be less expensive and/or offer this discount.
- Payment Mode Discount – Companies handle this is different ways. Many are less expensive when you pay monthly by bank draft; however, some are still less expensive if you pay annually or semi-annually. Regardless, this is something to look into.
- Early Enrollment Discount – A few companies offer an early enrollment discount for those who enroll in their plan within a certain time period after turning 65. This discount usually is reduced over time; however, when enrolling at or near age 65, the discount can make one company’s rates better than another.
Keep in mind that the actual rate for Medicare Supplement plans is set. One agent or broker cannot offer a better rate than another. However, these company-offered discounts can affect the rates a good bit and make one companies rates more competitive than another.
If you are not getting all, or any, of these discounts and you feel like you should qualify, we recommend comparing your coverage to see if there is another company that offers the discounts and would be more advantageous to you financially.