The main cost of Medicare advantage plans are the premiums paid to the insurance providers for the policy. The only problem with the payment of premium is that they tend to increase each year due to inflation. It is difficult to keep paying increased amounts of premium each year as the subscribers for these Medicare advantage plans are either retired or disabled people. There are ways to lower premiums through the following ways:
- Household discount:
There are household discounts if both the spouses have the policy with the same insurance provider. There could be a saving of over 5% which in itself can be a relief. Recently, there are companies which offer the discount even if the other person is spouse or not. Check with the agent to see if it could be a possibility or find an insurance company that might allow such discounts.
- Get a quote and enroll in a Medicare advantage Plan for 2019 by going to www.medicareadvantageplans2019.org
Medigap Plan F is the most popular plan as it provides coverage with no copayments. However, it might not be the best. Medigap Plan G has a policy of annual deductible payments but saves more in premiums.
- Consider an off-brand company:
Look for the not so famous insurance companies as they might have better premium rates.
- Consider a high deductible:
Look for plans that offer high deductibles because they offer lower premiums.
- Compare Medigap premiums by state:
Technically the plan should be taken in the state to which the social security belongs but it never hurts to ask if there can be another state policy in case of frequent travel to the other state.
- Take advantage of state rules:
There are different sets of rules. For example, California allows changing policy to an equal and lesser policy for 30 days following the person’s birthday each year without any underwriting.
- Change plans with every rate increase:
Unlike other plans, Medicare advantage plans can be changed anytime. Some insurance providers usually let people switch to a lesse plan with the same company without any kind of underwriting. So do not hesitate to move to another Plan with a lower premium.
- Always question bills that don’t make sense:
It is important to question the bill because a lot of times people pay for services which they did not use as Medicare plans directly pay it and nobody cares for a refund once it is paid.
- Free physical:
Medicare advantage plans allow an annual physical with no costs and pay for the preventive care tests. This could lower the expenses of future tests in the year.
Look for a broker who can call you every year before the anniversary of your policy and who can look for options regarding saving plans.