How to save money on your Medicare Supplement Plan

Though the Medicare Supplement, and Medigap Plan coverages are the same from company to company, premium rates vary depending on the company that you choose. The difference in rates is determined by the claims experience of each insurance carrier and the pool of policyholders that have those policies with that particular company. Other variables between companies that reflect in the premium rates include sales commissions and expected income from the sale of those policies. These differences can add up to a premium savings of up to $1,000 per year or more for the exact same coverage. 

Most Medicare Insurance recipients could save money by switching to the same plan with another company. However, most people covered by Medicare Insurance pay more than they should for their Medicare Supplemental Insurance Plan. The reason is that they simply don’t shop around. By shopping multiple companies many could get the exact same coverage at a lower rate.

For instance, a Medicare Insurance Recipient could have an AARP Medicare Supplemental Insurance Plan F and pay a premium for this plan but, if this person shopped around they might see that Blue Cross Blue Shield or Mutual Of Omaha may offer that same Plan F for a lesser amount. If they continued shopping around to companies like Aetna or New Era Life or any of the other top rated companies they could realize a savings of up to $1000 per year for the same coverage. It pays to find out how much you can save. 

Many seniors and those with disabilities who are covered by Medicare Insurance earn a majority of their living from Social Security. Paying those extra Social Security earnings to an insurance company rather than saving it for themselves and their families can leave many worse off than they should be. 

Don't throw your hard earned Social Security earnings away. Shopping around could save you hundreds if not thousands of dollars per year. 

To compare rates and plans on Medicare Supplemental Insurance in the Bucks County Pa, Montgomery County Pa, and Philadelphia Pa area, simply visit www.MyMedicareQuotes.com. For faster service you can call and speak directly to a licensed Medicare Supplement Insurance specialist at 215-738-8100.

By Joe Deangelis