What You Need to Know about Senior Travel Insurance

How to Buy Medicare Supplement Insurance

In this topic, we are going to talk about How to Buy Medicare Supplement Insurance.
You'll need to make another important decision when you turn 65 and become eligible for Medicare.
It may be a good idea to enroll in a Medicare Advantage plan (MA). About 34 percent of Medicare recipients choose an MA plan. They may be able to choose one in some states, such as California. However, there are relatively few choices in other states.
An option that's also popular is Medicare Supplement insurance. Both of these terms are sometimes used interchangeably, and we'll use them interchangeably here on this page. Medigap insurance covers medical care from any professional who accepts Medicare, and about 15 million Americans have this type of insurance.
I'll give you a few important facts about Medigap insurance that can help you choose the right policy at the right price. In fact, you may be able to save a lot of money thanks to the information shared. That's always great.
However, reading the tips shared here is not your only option for saving money today. They can also spare you from future heartaches. When you choose a Medigap plan now, you might be making an irrevocable decision restricting your future.

TIP #1: Don't Overpay. Why pay twice for the same plan?

There is a wide range of Medigap insurance costs. In most counties, the prices range from one to two times higher than those of another company.
In 2020, an individual 65 years old in Chicago could pay as little as $92 a month for identical coverage or as much as $234 a month. Some 100 cities across the country are represented in the Price Index for Medigap Plan G.
There was no single company that always offered the best price. According to the Price Index, no single company consistently offered the highest prices. Sometimes, the company that had the lowest price for men did not have the lowest price for women. Confusing, no? Just asking the right questions makes all the difference.

TIP #2: Check for rate stability

Because insurance companies can and do raise rates. What may seem like a bargain today could turn into an expensive policy sooner or later.
Medigap insurance companies may not have the experience to base their rates on because they are new to the business. Some insurers may offer lower premiums to gain more initial business.
These lower rates can lead to higher rates in subsequent years. Because of that, it's important to consider both current costs as well as price stability.

TIP #3: Discounts Are A Big Deal

Medigap insurance companies offer discounts to spouses and/or household members today. However, not all companies offer them. Discounts can range anywhere from five to fourteen percent, however. The savings can add up to hundreds of dollars a year. If you plan on living another ten or twenty years, you are talking about real money - so don't miss out.

TIP #4: Save Money and Earn Points

Having automatic payments set up may result in a discount from some insurers. Many insurers will offer discounts for those who pay annually. Others will allow you to use a credit card to make the payments. Now you understand where we are headed.
Let's say you pay $300 per month for your Medicare Supplement policy. In the case of starting at 65 years of age and paying for 20 years, that would equal $72,000 in premiums. would equal $72,000 in premiums. When married, this number doubles. Saving nearly $3,000 with a credit card that offers two percent rebates is possible. You will have earned some nice points if you have a credit card that awards airline points.

Tip #5: Compare prices easily

Often people say that if you give yourself legal or medical advice, you will have a fool as your client. It can be challenging to choose a Medicare plan.
It's fine to call any of the dozens of 800-numbers that are fighting for your attention and business. However, they may represent only one company or show a preference for one companyBecause of this, it pays to seek out local Medicare Insurance agents in order to compare your choices and recommendations. Insurance agent. Several insurance providers provide complete Medicare solutions, including Medicare Advantage, but some focus only on Medicare Supplements.
When you have questions, having an unbiased agent on your side can be extremely helpful. You can find some 1,000 Medicare insurance specialists by zip code in a national directory. This service is free to use, and the best part is that it is private. All information is anonymous and can be viewed without submitting any information.
The American Association for Medicare Supplement Insurance's website is a great place to find the latest information. You can access the agent directory and the 2020 Medicare Insurance Price Index there.