You Can Save Hundreds on Your Supplement Without Changing Your Benefits!

You Can Save Hundreds on Your Supplement Without Changing Your Benefits!

And when I say, “without changing your benefit,” I really mean it. This isn’t about covering decreased benefits or numerous hassles under a cloak of a lower premium. You can get on an identical plan to the one you have now and still save hundreds.


How is this possible? Allow me to explain.


Standardization: Easier Comparison = Easier Savings

Before standardization, shopping Medicare Supplements was a lot more difficult. It was hard to see which one of any two plans was the better value because insurance companies provided diverse benefits at diverse premiums.


Then, in 1992, Medicare standardized 11 lettered plans (A-N). Now, although there are diverse benefits from plan to plan (each lettered plan is unique), the plans remain the same from company to company. In other words, a Plan F is a Plan F no matter who you shop with, no matter which company you purchase from. Similar to the apples and oranges saying, you are comparing all the fruits to their respective fruits.


But here’s where you can save money: even though the plans are standardized from company to company, the premiums are not. A Plan F at one company, although identical in coverage, can be over a hundred dollars more at another. To demonstrate this, I compared all the available plans for each of the three most popular Medicare Supplement plans at our agency. The difference between the most expensive company plan and the least expensive is

  • $196.43 for a Plan F
  • $212.71 for a Plan G
  • $141.65 for a Plan N

Note: These numbers are based off a woman living in Sidney, OH who does not use tobacco.


Imagine if you could shop like this for other items. It would be like walking onto a car dealership’s lot and, instead of being confronted with an onslaught of varying features; you just had a line up of identical cars, some of them thousands more than others. No discrepancies in gas mileage. No debating the value of seat warmers versus a little extra trunk space. Just easy comparison, making it easy to get the best deal.


What If I’ve Never Heard of Them? What About the Company Ratings?

This is a common fear when it comes to shopping Medicare Supplements. The Plan may be the same, but the company is different. How do you know when the company you plan to work with is qualified, trustworthy, and stable?


Firstly, I would say not to let the fact that you don’t recognize a company deter you. There are many qualified, trustworthy, and stable companies that are not as well known. It’s good to ask a professional or do a little research yourself, but this should not be a reason to write a company off. In our practice, we screen the companies we represent before we recommend their plans to our clients. This way we know for certain all of our clients will have a good experience in claims processing and general customer service.


On the other hand, when it comes to the company ratings, you should pay a little more attention. This evaluation is based on the company’s financial stability, so it is easy to see the importance. You want your insurance company to have the money to pay your claims when they are needed. However, I wouldn’t let this carry too much weight. Obviously going with a D or F rated company isn’t a good idea, but I’ve found that you can count on any company above a B+ rating. They are well established enough to deliver the promised benefits.


I thought I could only change during Annual Enrollment?

While this is a very common misconception, it is not true.  You can change your supplement any day of the year!  (The only items that can only be changed during Annual Enrollment are Prescription Drug Plans and Medicare Advantage plans.)  And, as an added bonus, any deductible you have already paid in a calendar year, travels with you to the next supplement if you switch.  It’s the gift that keeps on giving!


Concluding Thoughts

Overall, I’ve found that switching plans about every 4-5 years is beneficial. On a regular basis at Seniormark, we see people save $30-50 per month just by switching.  If you take the few minutes it takes to compare Supplement rates, you may be surprise by how much you can save!


Interested in Finding Out How Much You Can Save?

Use our Quoting Tool to compare Medicare Supplement rates in your area. It’s absolutely free, and we don’t ask for any personal information, so you can be sure you won’t get any annoying junk emails.   If you find a price you like, or would like us to run more quotes for you, give us a call at 937-492-8800. We would love to save you money!

About the Author