Comparison shopping can save Med Supp enrollees more than $1,000 per year
Recently eHealth released an analysis of Medicare Supplement plan prices showing that beneficiaries can potentially save more than $1,000 per year by enrolling in the lowest-price Medicare Supplement available to them.
Medicare Supplement plans of the same type (Plan A, for example) offered by different insurers may vary significantly from one another in terms of premium while providing the same basic benefits and levels of coverage.
“Some Medicare beneficiaries assume Medicare Supplement plans that cost more offer superior benefits, which is simply not the case,” said Chris Hakim, eHealth’s General Manager of Medicare. “The potential savings identified in our Medicare Supplement report shows why it’s important for beneficiaries to compare options to make sure they’re not unnecessarily spending more than necessary.”
This report illustrates the potential savings available to Medicare beneficiaries when they compare their coverage options within a plan type and enroll in the Medicare Supplement plan with the lowest premium available to them. It is focused on three popular Medicare Supplement plan types (Plans F, Plan G and Plan N) and is based on rates quoted through eHealth’s online marketplace for 65-year-olds in 67 metropolitan areas.
Medicare Supplement Plan F: Across all surveyed metropolitan areas, Medicare beneficiaries could save an average of 36% ($84.32 per month or $1,011.84 annually) by comparing all their Plan F choices and enrolling in the lowest-cost option.
Medicare Supplement Plan G: Medicare beneficiaries could save an average of 26% ($44.80 per month or $537.60 annually) by comparing all their Plan G choices and enrolling in the lowest-cost option.
Medicare Supplement Plan N: Medicare beneficiaries could save an average of 32% ($47.29 per month or $567.48 annually) by comparing all their Plan N choices and enrolling in the lowest-cost option.
People born after January 1, 1955 generally can no longer buy Medicare Supplement Plans F and C after December 31, 2019. People eligible for Medicare prior to 2020 may still be able to enroll in these plans and beneficiaries already enrolled in these plans may keep them. However, some industry analysts predict that premiums for F and C plans will rise over time following this change.
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