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How To Save Money On Your Medicare Supplement Insurance
Medicare has been notorious for changing rules and regulations annually. This makes purchasing a Medicare Supplement Insurance plan for most retirees can be extremely stressful. The good news is that there are things you can start doing immediately that will help lower your health insurance costs in the long term.
Education- Educate yourself on the different types of Medicare Supplement Insurance plans.
Insurance companies who sell Medicare approved Medicare Supplement Insurance policies have two ways they can offer premiums.
Group Rate- A group rate plan premium is based on a rate for an entire group of people. A group can be considered an age range or a select demographic. The plans offered as group rates sometimes have higher claims and less underwriting because they are guaranteed issue to most people who enroll. The rates usually increase annually but will only change if the entire group rate is changed. This type of rate may be better for seniors who are older due to the cost effectiveness of an age group and less underwriting requirements. For example, someone who is 80 years old with poor health would pay the same rate as someone who is 65 years old with good health.
Attained Age Rate- An attained age rate plan premium is based on the age which you have currently attained. The rates usually increase annually and are normally less expensive the younger you are. The underwriting on these types of plans is more intense. For example, someone who is age 65 in good health would pay less than a person who is age 80 in good health.
Shopping- Just like any other purchase in life, shopping for the lowest cost Medicare Supplement Insurance provider in your area is critical to lowering your premium. Since every Medicare Supplement Insurance plan is regulated by Medicare, it makes shopping much easier. Each company MUST offer Medicare Supplement Insurance plans Exactly the same. Benefits can't be added or subtracted from a Medicare Supplement Insurance plan. So the price you pay for the plan will be the major difference between companies.
Contact a Medicare Supplement Insurance Agent