How can I save money on my Medicare Supplement?

Question

Thomas Ashton · Accepted Answer

If you're on a Medicare Supplement or considering a Medicare Supplement you might have noticed that supplement rates have gone up every year for the last three years. The reason that they have gone up is that Medicare raised all its deductibles and copayments for Medicare Parts A and Part B. There is a solution to keep from paying the insurance companies thousands of dollars each year for services you are not using. I will try to explain an alternative that will lower your monthly premiums 75 percent or more of what you are currently paying. The solution is to purchase a HDF or HDG supplement. You may have not heard of a HDF or HDG supplement, that is because there are only a handful of companies that offer the HDF or HDG supplement. The HD stands for "High Deductible", it is the maximum annual deductible you would have to pay out of pocket in a calendar year. After all copayments reach the deductible, Part A and Part B would be covered 100%, meaning that you would have no more out of pocket cost for the rest of the year. The annual deductible is set by the federal government and for 2024 is currently $2800.

Answered by Thomas Ashton on April 1, 2025

Broker Licensed in FL, AL, AZ & 6 other states

Answered by Thomas Ashton Medicare Insurance Agent

Tony Capraro III · Answer

This answer is provided in a video format. Watch the agent's video response here: https://medicareagentshub.com/questions/how-can-i-save-money-on-my-medicare-supplement#tony-capraro

Gary Church · Answer

When it comes to Medicare supplement plans or otherwise known as Medicare gap plans there’s two standardized plans, plan G and N our standardized plans. The premium is based on the insurance company is selling their particular supplement or gap plan.

Answered by Gary Church on May 19, 2025

Broker Licensed in Ca, AZ, NV & TX

Answered by Gary Church Medicare Insurance Agent

William Gray · Answer

Medicare supplements have multiple options. But one of the easiest way to reduce cost of coverage is to consier one of the plans with a deductible. 

Medicar plan G is considered the cadillac policy it covers 100% after the $257 par B deductible but it also has the highest price tag. 

The Medicare plan G has an option to add a deductible of $2,885 this works more like an out of pocket maximum. 

Think about it like this, you have a $257 part B deductible  then Medicare pays 80% of your bills until you reach an out of pocket of $2885 then it's 100% coverage. 

www.themedicaredude.com

Tammera Marrs · Answer

The best way to save money on a Medicare Supplement is to compare the same plan with different companies. Medicare Supplement plans are standardized by the government, so all plan benefits are the same, however, price can vary. Why pay more for the same coverage?

Answered by Tammera Marrs on May 1, 2025

Broker Licensed in KS

Answered by Tammera Marrs Medicare Insurance Agent

Ali Crouch · Answer

When on a Medicare Supplement, you should shop around every few years to lock in a lower rate. To shop around, you must be able to pass the company's health questions. An example I like to use is my grandma. When I started in the insurance industry, she paid almost 500 a month for company X. We applied with multiple companies, and finally, she was approved on the sixth try. For the same coverage (F plan) with a different company, she was then paying 156 dollars a month instead. So, while you are healthy, you want to shop around.

Answered by Ali Crouch on May 5, 2025

Broker Licensed in NE, AZ, CO & 9 other states

Answered by Ali Crouch Medicare Insurance Agent

Steven Bleicher · Answer

Supplement premiums will vary from company to company. It can be based upon the past history of a “block of business” and past claims in any age category. Each insurance company has chosen their own “cycle month” when the usual once a year price increase takes place. Some choose July while others pick September. Plus, depending on the state you live in, their cost of living has a lot to do with the payment. Those living on the East Coast and states like Illinois & Ohio always have higher premiums than those in the Midwest & South. Please understand that this naturally has to do with the global economy, too. Do yourself a big favor by interviewing 2-3 agents, making sure that they are NOT “captive agents” who can only offer one company's plans!

Answered by Steven Bleicher on May 16, 2025

Broker Licensed in AZ

Answered by Steven Bleicher Medicare Insurance Agent

Diana Garner · Answer

You can explore options when it comes to Medicare Supplement plans.

You could switch to a lower-cost plan or company, take advantage of discounts such as household discounts or a fitness tracker discount, or seek assistance through government programs

If you want to keep the same coverage, you could shop around with other companies for a lower premium.

If you would entertain switching from your current medigap plan to another medigap plan, you could save money.  A good example is switching from Plan F to Plan G:
     * Let's say your Plan F cost you $2,500 for a year, but you do not pay anything when you go to providers.
     * Now, let's say a Plan G would cost you $1,700 for a year, but you are responsible for the Part B Deductible, which in 2025 is $257.00 for the year.  In total, you would be out of pocket $1,957 for the year.
     * This would save you $543 for the year.

Aaron Solomon · Answer

You can change your level of Medicare plan . An example would be switching from plan F to plan G. There is a rate  difference. Please remember you must answer health questions. 
This could effect your rate

Andrew Zurbuch, MBA · Answer

That is a good question. Contact a Broker & examine the coverages on Plan G & Plan N. Then look at the A Best rating of the Insurance Companies that offer Plan G & Plan N in your State. You might be required to go through medically underwriting to qualify. You can get more information at www.locatemeinsurance.com for Medicare Insurance. Thank you.

Answered by Andrew Zurbuch, MBA on June 2, 2025

Broker Licensed in IN, FL, KY, MO, OH & TN

Answered by Andrew Zurbuch, MBA Medicare Insurance Agent

Satoshi Aoki · Answer

If you only have Medicare Part A and Part B, most of the costs will be covered, but some are not. Medicare Supplement Plans are used to make up for those costs.

Example A(2025)

If you need to be hospitalized for 120 days

Part A does not cover(You have to pay)

Part A deductible: $1,676

61 day to 90 day: $419/ day = $12,570

91 day and after: $838/ day = $25,080

Total cost = $39,326

Most Medicare Supplement Plans will cover this cost.

Part B also covers 80% of the cost, but the remaining 20% ​​will not be covered, but most Medicare Supplement Plans will.

Please consult with your agent for more details.

Deb Haley · Answer

You may switch to a lower cost supplement plan offered in your area. An example of this might be switching from a supplement G to a supplement N. You may explore discounts available such as same household discounts. Or you may want to consider moving from a supplement plan to a Medicare Advantage plan with lower upfront costs.

Answered by Deb Haley on April 22, 2025

Broker Licensed in MA, CT, FL & 10 other states

Answered by Deb Haley Medicare Insurance Agent

Rick Boyd · Answer

Often changing carriers while maintaining the same level of coverage can save you money on your premiums.

Michele Vina · Answer

The only way to save money on a Medicare supplement is to switch the company you use. However, if you have had the supplement for more than 6 months, you will have to pass health questions in order to qualify with a different company. The other option is to move to Medicare Advantage without a premium.

Answered by Michele Vina on April 23, 2025

Broker Licensed in TX, KY, OH & OK

Answered by Michele Vina Medicare Insurance Agent

Aaron Lewis · Answer

Depending on what plan you have and the state you live in you might have the ability to switch from one plan to another without going through medical underwriting. Every state is different as well as every insurance company.

Answered by Aaron Lewis on April 28, 2025

Agent Licensed in NJ & NY

Answered by Aaron Lewis Medicare Insurance Agent

Fred Manas · Answer

To save money on your Med Supp (Medigap) insurance, consider enrolling during your OEP, choosing a plan with lower premiums or a higher deductible, & comparing quotes from different insurance companies. You can also inquire about discounts & explore Medicare SELECT plans, which offer lower premiums but have restrictions on covered providers. Here's a more detailed breakdown:
1. Enroll During Open Enrollment: Med Supp OE is a six-month period that starts on the first day of the month you are eligible for Medicare Part B.  Enrolling during this period ensures you won't be charged a penalty for not having a Medigap plan.  You can also enroll during Guaranteed Issue Rights, which occur when certain life circumstances, like losing coverage due to a change in service area, occur. 
2. Compare Premiums & Plans: Shop around for Medigap plans from different insurance companies. Consider switching to a company that offers lower premiums for your current plan. 
Explore different Medicare Supplement plan letters, like Plan G, Plan N, or plans with high deductibles, as they may have lower premiums. 
3. High-Deductible Plans:  High-deductible plans, like Plan G, may have lower premiums than standard plans, but your out-of-pocket costs will be higher when you use them. 
4. Medicare SELECT: Medicare SELECT plans offer lower premiums but require you to use doctors & hospitals w/in their network.  If you're comfortable with the restrictions, a Medicare SELECT plan could save you money. 
5. Discounts & Cost-Saving Programs: Inquire about discounts offered by your insurance company, such as discounts for being married, non-smokers, or paying annually. 
Explore Medicare Savings Programs, which are run by your state & can help with the cost of Medicare. Contact your State Health Insurance Assistance Program (SHIP) for help finding cost-saving programs & guidance on Medicare Supplement plans. 
6. Make sure the plan you choose meets your specific health needs & budget.

Marcie Barnes · Answer

You can speak with a licensed professional agent and shop plans.  Every company offers the same coverage and compete for your business.

You don't have to wait for a special time a year.

Jerry Cohen · Answer

For people who want a Medicare Supplement plan who currently are in good health High Deductible plans offer a low monthly premium even though they require satisfaction of a high dedutible before they cover medical costs. If a person is in good health they also may be willing to consider a Plan N over a Plan G wit the only difference in the two plans being a $ 20 Co Pay on Plan N when and if a person needs medical services.

Answered by Jerry Cohen on April 9, 2025

Broker Licensed in NY

Answered by Jerry Cohen Medicare Insurance Agent

Ron Gambles · Answer

The first thing you can do is decide and enroll into a plan when you first become eligible. You will need to assume responsibility to gain an understanding of how to navigate the Medicare processes, or have a reliable loved one to assist you. Shop for the Rx plan that best meets your needs at the best price, they change every year.

Answered by Ron Gambles on April 9, 2025

Agent Licensed in TN

Answered by Ron Gambles Medicare Insurance Agent

Jack Mayer · Answer

Talk to me in person to go over the landscape because you have choices to keep cost down by choosing the right Medigap plan that fits your lifestyle, budget and needs.

Chris Prang · Answer

1. If you are in a birthday rule state, then shop your rate every few years and make a change if the savings is sufficient enough.

2. If you can medically qualify, and you have a Plan F or Plan G, consider switching to a Plan N. The premium increases are typically less on a Plan N, so over time you will save more and more. 

3. If you are really healthy and/or live in New York, then seriously consider a High-Deductible Plan G. "Medicare's Best Kept Secret" as I like to say.

4. If you live in an area/state that has high premiums, consider moving to a state that doesn't. You wouldn't even need to change your plan or company. When you move, they should adjust your rate to your new location.

I hope that helps.

Chris

Josh Vojtush · Answer

If you already have a Medicare Supplement, you can shop around for the same coverage at a lesser cost with another carrier. Some states have different rules that decide when you can do this. Some depend on your health.

Answered by Josh Vojtush on April 8, 2025

Broker Licensed in OH, FL, IL & MI, NC, SC & VA

Answered by Josh Vojtush Medicare Insurance Agent

Aaron Green · Answer

Page 9 and 18 of the CMS (Centers for Medicare & Medicaid Services) booklet clearly outline that all letter plan supplements are under the umbrella of Medicare thus providing identical service.  Like any retail, the difference is in what each insurer charges you for that supplement.  As with most things in retail you will most likely see an annual increase in the monthly premium for your chosen supplement.  

The best way to save money is to have a trained advocate from our office come to your home and provide a detailed pricing from our list of many contracted insurers.  In 9 of 10 homes we are able to find a more cost effective insurer to meet your needs.  Many seniors deny themselves of dental, vision and hearing care in order to pay exuberant premiums for their supplement.  We are able to find an affordable insurer, and often provide that extra coverage at still under the cost of the original supplement alone.

How can I save money on my Medicare Supplement?

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How can I save money on my Medicare Supplement?

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Related Questions

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A non-government resource website