With rising inflation, it has become important for each and every person to look out for ways and means to save money in every possible manner. It is only much more crucial for those who are on the verge of retiring or has retired, since their income drops dramatically and they are to live on their pension only. Majority of the seniors are of the opinion that Medicare Supplement plans do involve fixed expenses and there is no way to save money in this particular, yet most important aspect.
Ways to save money when buying Medicare Supplement plans
There are present three less known ways to save precious money when availing Medigap plans, which are given below:
- Easy enrollment discount: There are some companies that do offer its customers with early enrollment discounts, especially to those enrolling within specific time period on turning 65. But the discount gets reduced with time. On enrolling near or at 65 age, discounts of one company can be much better than the other.
- Payment mode discount: It is managed differently by different companies. If monthly payment is done by bank draft, then many are found to be less expensive. Few are found to be much more less expensive, if semi-annual or annual payment is made. It should be looked into seriously!
- Husband-wife (Household) discount: It is considered to be the easiest way for saving precious money. It will be useful to have similar plan like that of the spouse. However, it is not offered by each and every company. But majority of the companies do offer competitive prices. This is actually an incentive provided by the company to retain business (of both the person and his spouse). If the person has Medicare Supplement plans with the same company and is not receiving this form of discount, then it will be necessary to seek immediately or shift to another company that does.
It is essential to understand that Medicare Supplement plans come with fixed rates. It is not possible for any broker or age to offer better rates. But the discounts offered by these companies are likely to affect the rates somewhat and make it much more competitively priced. In case, the person is not able to enjoy any of the above mentioned discounts or feel like being eligible for the same, then it becomes important to compare the existing coverage. Checking out other companies can help to find out discounts being offered that can prove to be beneficial for the individual’s financial health.