SAVE THE MOST ON MEDIGAP WITH THIS QUICK & EASY METHOD
Medicare Supplement insurance helps cover some healthcare costs that Medicare doesn’t cover. Here’s what you should do to ensure you’re not paying too much on this supplemental insurance.
If you’re familiar with Ensurem, you’ve probably heard our motto, Awaring America™. This is more than a catchphrase or slogan. It’s what drives our business.
That’s why we’ve made it our mission this Medicare Annual Enrollment season to educate seniors on the best ways they can save money on Medicare Supplement insurance.
So, what is the best way to save money on Medigap? It sounds simple, but you may save a ton on your Medigap insurance by just shopping around.
In this blog, we’ll explain the most efficient method of comparison shopping as well as provide some additional money-saving tips. But, first let’s discuss how Medigap pricing works.
HOW MEDIGAP PRICING WORKS
To understand how you can save money on Medigap by comparison shopping, you first must understand how this supplemental insurance works.
There are 10 Medicare Supplement insurance plan types. The government regulates these plans and mandates which benefits the plans must include.
The government may regulate Medicare supplement plans, but its private insurance companies that sell them. While these insurance companies aren’t allowed to alter the plan benefits, they can set their own premium rates.
How do insurance companies determine their Medicare Supplement rates?
Above all, insurance companies base their Medicare Supplement premiums off morbidity rates – the rates of illness in a population.
That’s why you must provide your ZIP Code when getting a quote. If the area you live in has a higher morbidity rate, your premiums will likely be higher.
There are several other contributing factors that determine your personal Medicare Supplement quote.
You can probably guess two of those contributing factors. They're present in most insurance quotes: your age and your gender.
While you don’t have much control over these two factors, you do have some control over another factor that will almost always increase your Medigap rates: smoking.
Most insurance companies classify a smoker as someone who has used tobacco in the last 12 months. Some companies may even consider the use of nicotine, such as patches, gum or a vapor device, as tobacco use.
So, if you’re looking for a reason to quit smoking, this is it. According to our quoting tool, non-smokers can save 10-20 percent on Medigap rates.
And, don’t forget, Medicare Part B even covers up to eight face-to-face visits in a 12-month period for smoking cessation therapy. So, if you get started now, you could save even more on your Medigap insurance within a year's time.
To recap, insurance companies base their rates off these main pricing factors:
- Morbidity Rate
- ZIP Code
- Tobacco Use
Some companies may also offer discounts for their Medicare Supplement insurance products.
What kind of discounts do insurance companies offer?
We’ve already discussed discounts for non-smokers. Insurance companies may also offer discounts to you if you’re female, if you pay for your premium up-front for the year, or if you qualify for a household discount (more on that later).
Since discounts and rate calculations are different for every insurance company, premium costs can vary widely.
This means, there can be big differences in premiums between insurance companies for the exact same coverage.
That’s why comparison shopping is so important.
HOW TO COMPARISON SHOP FOR MEDICARE SUPPLEMENT INSURANCE
We know what you’re thinking. Shopping around can take forever. And, who wants to spend hours contacting dozens of insurance companies for quotes?
That’s why we developed the Medigap Multi-Quote Tool.
This tool makes comparison shopping quick and easy. And the best part? You don’t have to talk to anyone until you’re ready to purchase your policy.
With just one quote, you can compare Medicare Supplement rates from multiple insurance companies in your area.
Here’s how you do it:
Step 1: Complete the quote form
First, click this link to go to our Medigap Multi-Quote tool.
Remember the main factors of Medicare Supplement pricing listed early in this post? That's where you'll start. Enter your birth date, gender, tobacco use and ZIP Code.
The quoting tool automatically defaults to show Plan F rates since it’s the most common plan type. But, you can choose to compare additional plan types by checking and un-checking the boxes on the left.
The tool also defaults to exclude SELECT plan rates. You can choose to show only SELECT plan rates by clicking the option underneath the plan types.
Once you’ve filled out the information completely, click the “See Choices” button to view your rates.
Step 2: Compare your options
After completing the quote form, you should receive rates from insurance companies in your area. Depending on the information you submitted, you may have several options shown.
Each option lists the insurance company, the plan type and the monthly premium. You can also click the “Learn More” button to view additional plan information from the insurance company.
So, it’s easy to see how quickly you can compare Medigap rates. Just one quote gives you instant access to premiums from some of the top-rated insurance companies in your area.
Step 3: Apply over the phone
Did you find a plan with a premium you like? Then, you’re ready to apply!
Applying for a Medicare Supplement insurance policy is easy and can be done over the phone – no paperwork required.
Apply right away by calling us at 844.847.3800. Or, if you want to set up a time to be contacted, just click the “Apply Now” button to fill out a contact form.
The application process usually takes 20-30 minutes. It’s completed by a licensed insurance specialist who can answer any of your questions along the way.
Once completed, our licensed insurance specialist will submit your application to the insurance company on your behalf.
If it’s within your Medicare Supplement Initial Enrollment period or you have a guaranteed issue right, you should be approved right away. Otherwise, your application may have to go through underwriting.
In this case, the approval process could take up to seven business days. But, as soon as you're approved, you'll have coverage starting on your chosen effective date.
TIPS TO SAVE EVEN MORE MONEY ON MEDIGAP
Now that you know how to efficiently compare Medigap insurance rates, you’re ready to learn a few more saving tips.
Ask about household discounts
Depending on the insurance company, you may qualify for a discount if you live with someone.
We refer to this as a “household discount”. The reduction in premiums you receive depends on the company, but they usually range between five and 12 percent.
Some insurance companies may offer a discount if you’re married and buying a policy for your spouse as well. And, some may even offer a discount on your policy even if you aren’t purchasing one for your spouse.
Recently, however, it’s become a popular practice to offer a discount for just living with another adult over a certain age (usually 50 or 60).
Consider off-brand insurance companies
You may be tempted to stick with a brand-name insurance company because you’re familiar with them. Maybe you have a final expense or dental and vision insurance plan with them, so you figure “why not keep it in the family?”
It’s important to remember your Medigap plan is the same no matter which company you buy it from. So, a Plan F from Insurance Company A has the same coverage benefits as Plan F from Insurance Company B.
It’s likely that a lesser-known insurance company will offer your plan at a better rate. So, don’t pass up the savings! Ensurem only partners with companies rated B+ and higher, so you can be confident you’ll get the service you deserve.
Shop at every rate increase
It’s common for insurance companies to increase their rates yearly. With inflation and an aging population, it’s inevitable. But, you don’t have to put up with paying more.
You can switch your Medicare Supplement policy at any time. You can even change insurance companies. So, make sure to complete your comparison shopping every time a rate increase happens. This way you can ensure you’re not paying too much.
We must mention though, if you switch your policy outside of your initial enrollment period and you don’t qualify for a guaranteed issue, you could be subjected to medical underwriting. This means if you have major health problems, it might be difficult to be approved for a policy.
The good news, is it doesn’t cost anything to shop around or apply. So, it’s better to take the time to find out than miss out on savings.
READY. SET. SAVE!
Understanding how insurance companies price their Medicare Supplement insurance policies is the first step to saving money. Combine that with our quick and easy comparison shopping method, and you’ll save on Medigap in no time.
Just don’t forget to further your savings by checking for household discounts along the way, considering off-brand options and shopping around at every rate increase.
If you’re ready to start your comparison shopping, visit our Medigap Multi-Quote tool here. Or, give us a call at 844.847.3800 to apply.