3 Tips That Can Help You Save On Your Medicare Supplement Insurance Plan
While saving money is important for everyone, it is especially important for individuals who live on a fixed income. Consequently, it is no surprise that many seniors find themselves stressed over the rising cost of Medicare supplement insurance plans. The good news is there are some steps that you can take to help lower these costs. Continue reading to learn more about a few ways you can save money on your Medicare supplement insurance needs.
Take Advantage Of Free Preventative Care
Perhaps the most simple way to lower your out-of-pocket costs is by taking advantage of the free medical services you are entitled to under your Medicare coverage. This includes your free annual physical and many other free preventative care services, such as health screenings and bone density tests. Taking advantage of these preventative care services can help you to stay healthier and save money on the co-pays associated with visits to the doctor when you are not feeling well. Best of all, not only can staying healthier help you to save money, but it will also improve your overall quality of life.
Consider A Higher Deductible Plan
While purchasing a higher deductible plan may seem counter-intuitive when looking for ways to save money on your Medicare supplement insurance, the fact is that these plans can often save you hundreds of dollars each year because while you will need to cover the higher deductible before your supplemental insurance coverage kicks in to pick up the remaining costs, the much lower premiums that are associated with these plans will typically far outweigh the cost of the higher premium. For example, a plan that requires you to pay a deductible that is $500 more per year than your current plan may come with a premium that is $50 less per month. Even after you pay the higher deductible, you will net a savings of $100 per year by choosing this plan.
Check Rates From Smaller Companies
Smaller or less known insurance companies will often offer highly competitive rates on quality supplemental insurance coverage. The problem is that since many of these smaller companies do not take part in major marketing campaigns, you may not even be aware that they exist. Choosing to work with an insurance broker can help you to get quotes from both the big-name companies, as well as these smaller companies. In many cases, you will find that you can score much lower premiums by choosing to purchase through a lesser-known, yet still highly rated, insurance provider.