We talk to seniors about how to lower their Medicare Supplement premiums almost every day. When we look at the actual statistic it adds up to dozens of seniors every week. In over 80% of these conversations we can save the senior a meaningful amount of money on their Medicare Supplement plan without changing the plan or losing any benefit.
By meaningful we mean between $400 and $1,100 per year on average, often much more. That adds up to averaging between $800 and $2,200 per household in likely savings. The most we have ever saved a single person was $3,840 per year, keeping the exact same Medicare Plan and coverage. Still, only half the seniors we talk to will move away from their comfort zone and reduce their cost even though they would simply be paying less for the exact same plan.
Why won’t a senior even try to save the most on your Medicare supplement Plan? Most people with a Medicare supplement plan don’t know how to lower their Medicare Supplement premiums. We have found that of those seniors who choose not to save money, there is one major reason they stay in their expensive plan and choose to lose thousands of dollars over their lifetime by paying insurance premiums much higher than they should.
Medicare Supplement Plans Are Standardized
Unlike Medicare Advantage Plan, Medicare supplement plans are standardized by the Center for Medicare and Medicaid Services. Where Medicare Parts A & B pay for 80% or more of the covered medical costs, the Medicare supplement plan is designed to cover all or some of Medicare’s co-pays and deductibles. That is why a Medicare supplement is also called a Medigap plan. It fills the gaps left by Original Medicare. To keep it simple, Medicare designates each Medigap plan type by letter. As of this writing, Plans A, B, C, D, F, High Deductible F, G, K, L, M and N are available. Because the benefits are standardized, price is the only difference between plans. That means you can lower your Medicare Supplement premiums without losing or changing benefits.
By standardizing the plans it means that the benefits of all Plan F’s are identical, all Plan G’s are identical, all Plan N’s are identical, and so on. In fact, Medicare tells the supplement plans what must be covered, what to pay and when. Although the plans and the benefits they offer are required to be identical in every way, the price of these plans vary wildly. In most every U.S. Government publication on Medicare Supplement plans consumers are warned that although the plans are identical, different insurance companies can and do charge wildly different prices. You can be living next door to your identical twin and both of you have a Medigap Plan F, but from two different insurance companies, and one of you could be paying twice what the other pays. That is why the government advises seniors to first identify which plan they want, then shop for the best price.
Why are some people reluctant to invest the 30 minutes it takes to save thousands of dollars over their lifetime? In most cases it’s a misconception over what services they are receiving from their Medicare supplement plan insurance company and which are simply a part of Medicare. They are thanking their Medigap insurer for features of Medicare of which the insurance company has absolutely nothing to do.
In response, we wrote the brief article below. Seniors that can embrace the information presented below open up the door to saving thousands of dollars in Medicare Supplement insurance premiums over their lifetime. If you understand this concept you will open your mind to how to lower your Medicare Supplement premiums. Why? Because they come to understand that Medicare Supplements are a commodity. Unless health conditions prevent you from changing insurers, there is no valid reason to pay a penny more than you have for your Medigap coverage.
Medicare Credit Where Credit Is Due?
So here you are, you’re on Medicare and have a great Medicare Supplement policy. You never see a medical bill and all your services are paid. If you are thanking your Medigap insurance company for such wonderful benefits, you’re thanking the wrong entity.
Here is why —
96% of all doctors in the US are Medicare Participating Providers. To become a Participating Provider your doctor had to sign a contract with the Center for Medicare and Medicaid Services (CMS). That contract (form CMS-460) mandates that:
- For becoming a Medicare Participating provider, Medicare will pay the doctor 5% more than Non-Participating providers.
- In return, the doctor’s office agrees to use Medicare’s fee schedule. Medicare sets the prices for services to Medicare beneficiaries (aka you the patient)
- Medicare becomes a “one stop” billing center. After Medicare makes its payment, Medicare sends the remaining claim onto the Medigap insurer for payment. All payment goes directly to the doctor’s office or hospital.
- The contract also provides that the doctor’s office cannot bill a Medicare beneficiary unless you give written permission via an Advanced Beneficiary Notification (ABN). The only money allowed to be collected from a Medicare beneficiary, without an ABN, are any co-pays or deductibles determined by the Medigap policy.
That is why you never see a bill. It’s because of the contract between your doctor or hospital and Medicare. It has nothing to do with your Medicare Supplement insurance company. Thank Medicare or thank your doctor, but your Medigap insurer has nothing to do with it! You get the same benefits no matter which insurer administers your Supplement or what they charge because the service you feel so comfortable with is Medicare!
There you have it! The reason most seniors stay with a high priced plan is because they believe the quality of service, the fact that all their medical procedures have been paid without their having to even look at a bill is due to their Medicare Supplement provider. But it’s not. It’s just how Medicare works, and they will get the same great service from Medicare and their doctor no matter how much or how little they pay for their Medicare Supplement insurance plan.
Once a person understand and embraces this simple fact, they are free to seek out the best plan and best price without guilt or fear of losing services. Your new knowledge allows you to save the most on your Medicare Supplement premiums. You finally know how to lower your Medicare Supplement premiums and save thousands of dollars over your lifetime. Lastly, there is no open season for Medicare Supplement plans! You can lower your Medicare Supplement premiums any time of year as long as you qualify.
How Much Can We Lower Your Medicare Supplement Premiums?
Complete the form below and we will respond with how much we can lower your Medicare Supplement premiums without losing benefits.
Call Us at 1-800-847-9680
Matthew Claassen, CMT - Independent Insurance Broker
Florida License #W176030 | National License (NIPR) #765847
Medigap Seminars Insurance Agency
820 W. Indiantown Rd. Suite 103, Jupiter, FL 33458
561-536-5565 / 800-847-9680
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Independent Medicare Insurance Broker
Matthew Claassen is an independent Medicare insurance broker specializing in Medicare plans. Neither Mr. Claassen nor MedigapSeminars.org are employed by, endorsed or represent CMS, Medicare or Medicaid or the US Government. We are insurance representatives and not a government organization.
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He is an independent Medicare insurance broker servicing 49-sates including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming. Our most recent Florida clients come from Palm Beach Gardens, Sarasota, Port Saint Lucie, Stuart, West Palm Beach, Broward County, Miami, Tallahassee, Orlando, Gainesville, Tampa, Clearwater, Saint Petersburg, Fort Myers, Delray, Lake City, Martin County, Manatee County. Boca Raton, Fort Lauderdale, Naples, Cape Coral, Daytona Florida and more.
It doesn’t matter if you are just turning 65 and learning about Medicare for the first time, or have an existing Medigap plan. If you want to be certain you have the right Medigap plan coverage and are paying no more than you have to, we can help. We can help you through either our public Medigap plan and Medicare online seminars or through private no-obligation consultation. Get the best Medigap plan for you at the best price possible.You can also visit my agency website at ShieldInsuranceSolutions.com or call at 800-847-9680. Florida License #W176030 – National Producer # 765847