Have premiums for your medigap policy been increasing over the past few years? Here’s how to lower the cost.
If you like the coverage offered by your current policy, it’s smart to shop your letter plan with competing carriers. Under federal law, insurers who provide medigap coverage — which helps pay out-of-pocket costs for Medicare services, including Part A and Part B — may sell only standardized policies identified by letters A through N in most states. Each policy identified by the same letter must offer the same benefits. Usually, the only difference between same-letter policies is cost — and the price range can be surprisingly large. For example, a 65 year old male in Austin Texas can be charged anywhere from $126 to $248/month for the same popular Plan F.
Also, consider a Plan G.
Plans F and G are the two most popular medigap plans, because they offer the most complete coverage, providing seniors with as little out of medical pocket costs as possible. Plan G covers everything that Plan F does (including the Medicare excess charges and the foreign travel benefit). The ONLY difference is that Plan G does not cover the Medicare Part B deductible ($147/year in 2015). However, the average premium for Plan G is usually at least $300 less per year than a Plan F – so you have an extra $153/year left in your pocket! Because of this, Plan G is usually the best value plan for your money.
Saving money is a great start, but there are other reasons why Plan G is usually a better plan choice long term. As a licensed agent, I am happy to provide you a cost-free rate analysis, and show you the potential savings that switching to a Plan G can offer!
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Medicare has neither reviewed nor endorsed this information. Not connected with or endorsed by the United States government or the federal Medicare program. National Producer Number: 17340811
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