Seniors all around the Delaware Valley are interested in the best Philadelphia Medicare supplements. If you're interested in Medigap Plan G coverage, here are four ways to get lower premiums.
1. Enroll the first time you're eligible Probably the simplest way to lower your Medicare Supplement premium prices is to enroll when you're first eligible. Be aware that your Medigap Open Enrollment period starts on the first day of the month during which you are both 65 or older and enrolled in Medicare Part B. It is so crucial because, within this period, you are given the right to purchase any Medicare Supplement Plan you select, from any insurance carrier, even when you have pre-existing conditions. You won't be charged more than a healthier person.
If you enroll outside of your Medigap Open Enrollment Period, unless you are given a "guaranteed issue right" to purchase a Medigap plan, you may be required to answer medical questions. You might be denied a policy, charged more because of your pre-existing condition, or need to wait for your policy to begin.
2. Factor in your family health history along with any chronic conditions. If you have a chronic condition like COPD, diabetes, heart issues or even see specialists regularly. A Medigap policy may be the solution for you. Statistically speaking the medicare demographic spends more money annually on healthcare as they age. Life expectancy is increasing as is the cost of medical care. The initial open enrollment opportunity may be your only chance to get the most affordable pricing on medicare supplements. Even if you feel great today, consider your healthcare in the future.
3. Check Medicare Supplement Laws in Your State -- Some states have added Medicare Supplement protections for consumers. For example, in California, a "birthday law" allows Californians who meet four criteria (living in-state, with a Medicare Supplement policy, switching to a new policy with equal or lesser benefits, within 30 days of your birthday) to change plans without a medical exam -- even for recipients with a pre-existing condition. You can find information about your state's laws on Medicare Supplements by checking with the Department of Human Services. If your state grants specific rights, you might be able to find, or switch to, a plan that's better for you and lowers your monthly premium.
4. Ask if you're eligible for discounts -- Most Medicare Supplement plan carriers offer medicare beneficiaries household discounts. They include:
- Age at the time of enrollment
- Sex (women often pay less)
- If you live with another Medicare Beneficiary
- Tobacco use (must be tobacco-free for at least one year for a non-smoker's discount)
- Payment schedule (yearly payments are discounted)
- Payment method (electronic payments are often discounted)
- Marital status (married couples generally receive discounts)
- Number of policies in your home (multi-policy homes customarily receive a discount)
Philadelphia’s Medicare Experts
Many Medicare Beneficiaries are shopping for lower-priced Plan G because insurance carriers typically have different prices and now that Plan F has been retired in 2020, plan G is now the most comprehensive supplemental plan available as of January 2020. Those that are still in plan F will inevitably feel the pressure of double-digit percentage price increases since Congress terminated new enrollments into Plan F. Since Plan F policy holders are grandfathered in if enrolled prior to 2020, they will eventually be faced with higher premium increases as this class will have no other way to offset claims then to tax the policy holders themselves. This will come in the form of price increases as this group ages and files claims. If you have Plan F, consider a benefits review to see if you are eligible for a rate reduction via plan swap to Plan G or N.
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