Do you know the secret to finding value, saving real money and getting a better deal on your Medigap premiums? Should you buy from Blue Cross or Mutual of Omaha? Isn’t it true that some doctors will refuse your Medigap plan if it is from a company they don’t know? I heard Humana doesn’t pay their claims. What is the secret to affordable Medicare supplement coverage?
Making good decisions will save you hundreds of dollars a year, thousands over your lifetime. Here is one secret. Don’t listen to your friends and don’t buy your Medicare supplement from a big name company unless you enjoy paying too much.
Understand that Blue Cross and Mutual of Omaha are fine companies. But they are also overpriced.
Don’t pay too much. Shop and compare now.
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Saving Real Money, Getting a Better Deal on Your Medigap Premiums
In 2010 Blue Cross would issue a Medigap plan F policy to a 65 year old female for $131. Mutual of Omaha would sell her the same policy for $132.
Today, in 2013 those same Medigap plans are $176 (BCBSGA) and $179 (Mutual of Omaha).
We have a carrier that sold Medicare supplement plan F for $112 in 2010 and offers it for $138 in 2013.
An age 65 female can can buy Medicare supplement F in 2013 for just a few dollars more than they would have paid 3 years ago. That is truly getting a better deal on your Medigap premiums without breaking a sweat.
Anne’s Search for an Affordable Medigap Plan
Last year Anne contacted me because her existing Medigap policy was no longer affordable. Living on a fixed income, the Mutual of Omaha renewal was increasing another $26 per month. Unless she could find a policy that provided a better deal on her Medigap premiums she was going to have to drop her coverage.
Anne was in good health and could change her plan at any time.
I showed her how to save $64 per month, keep the same Medicare supplement plan F, but going with another carrier with a more stable and reasonable premium history.
To save even more, I suggested she consider Medigap plan G. The only difference in plan F and plan G is the annual Medicare Part B deductible ($147 in 2013) is not covered under plan G.
By switching carriers and moving to plan G Anne’s premium dropped $89 per month.
That’s real savings!
It’s Like Buying Your First Car
The Beatles sang these words. “Listen. Do you want to know a secret? Do you promise not to tell?”.
With savings like this, you should shout it from the rooftops.
I have a secret for you, but I want you to tell your friends.
Do you remember the first car you bought? If you are like most of us, it was a used car, now referred to as “pre-owned”. You were probably scared. You knew you were supposed to negotiate the price but since most things in life come with a sticker price and a “buy it or don’t” approach you had no idea where to start.
The process was intimidating and you never knew if you were getting a “lemon” or not. Most used car warranty’s lasted until you drove off the lot.
My father owned quite a few used cars. They were economical for his 40 mile each way commute.
“When you buy a used car you are buying someone else’s problems”.
But yet, he bought used cars any way.
Some were good, some were not.
Fortunately for you, Medigap plans are not that way.
Finding a Deal on Your Medigap Coverage is a Lot Easier
But only if you know where to look.
Medicare supplement plans are standardized. All plans with the same letter (A through N) are identical in every way.
Every way except price.
Medicare supplement rates cover a wide range for the same plan.
Medicare supplement plan F for a female, age 65 can range anywhere from $115 per month to $217.
Why would you pay more than you need to? When you pay more you don’t get more, you simply paid too much.
Blue Cross or Mutual of Omaha?
Well, those aren’t your only choices.
How do you feel about having TWO rate increases in the same year?
If you own either BCBSGA or Mutual of Omaha it is not unusual to see your Medigap premiums increase twice in the same calendar year.
When a carrier drops a plan from their portfolio, seniors that own these “orphan” plans typically see their Medicare supplement premiums increase at a higher rate than plans that are still marketed.
Blue Cross recently stopped offering Medicare supplement Hi F and plan G.
Two years ago Mutual of Omaha dropped Medigap plan N from their portfolio.
But wait. There’s more.
Until 2010, Mutual of Omaha issued coverage in Georgia under the name United World. Beginning in July, 2010 United World was no longer used and United of Omaha was the new flagship.
So what happened to United World policyholders?
Some of them were healthy enough to drop their old United World and pick up lower rates from United of Omaha.
Earlier this month Mutual of Omaha announced Omaha Insurance Company would be used going forward and United of Omaha would be shelved. Rates for Omaha are about 17% lower than United of Omaha for the same plan.
If you own a United of Omaha plan can you exchange it for the lower priced Omaha Insurance Company plan?
Only if you are healthy.
What is the Secret to Getting a Better Deal on Your Medigap Premiums?
You can start by shopping online. Georgia Medicare Plans offers free, no obligation Medigap quotes for Georgia seniors. You can shop and compare up to 40 plans in 60 seconds.
If you provide a valid email and phone number, I will provide you with a personalized quote based on your needs and budget. You will see plans from carriers that do not allow their rates to be illustrated online.
Ron is 73 years old, has a Blue Cross Medicare supplement plan F and is paying a whopping $184 per month. Ron is in good health and is willing to take a little more risk by switching to Medigap plan N. The best rate he could find online was from Humana at $158 monthly.
I showed him plan N for $119 per month.
If Ron had only shopped online he would have overpaid almost $500 per year!
Give us a all. Let us show you how to get a better deal on Medigap premiums.