Quality health care coverage is an essential part of managing both your health and your finances as you age. After all, the ability to access the medical services you need without breaking the bank in the process can have a huge impact on your quality of life. This is precisely why adding a Medicare supplement plan to your original Medicare plan can be so beneficial. However, assuming you want to maximize your savings, there are a few facts that you should know before you set out in search of quotes for your Medicare supplement plan.
Fact #1: People With Dual Residency Can Shop In Either State
It is quite common for people to hold residency in more than one state after retirement. If you have dual residency, you should know that you are eligible to purchase your Medicare supplement through an insurance company in either of the states in which you have residence. The reason that this is so important is that not only do rates often fluctuate between states due to average cost of living differences, but state laws outlining the need to pass medical underwriting criteria can vary as well. Taking the time to compare rates in both states can help to ensure you are getting the coverage you want at the lowest price possible.
Fact #2: You Can Switch Carriers Annually If You Want
You have the right to change your Medicare supplement insurance provider each and every year if you so choose. This means that it is always a good idea to compare rates each year rather than allowing your policy to auto-renew at a potentially higher rate. If you find that you are struggling to remember to check rates in time each year, working with an insurance broker who is able to reach out to you each year when it is time to renew your policy can help to ensure you never miss another opportunity to save some money on your insurance premiums.
Fact #3: No Deductible Plans Do Not Always Save You The Most
Many people choose to enroll in a Medicare supplement plan that does not require them to pay the deductible associated with their Medicare Plan B coverage simply because they assume they are saving money by doing this. However, there are several supplement plans that offer the same level of coverage without eliminating the need to pay this deductible. Oftentimes the monthly premiums associated with these plans will be far less than those associated with deductible-free plans. Take a moment to do the math before you choose to go deductible-free. If the reduced premiums result in savings that are higher than your annual deductible, choosing one of these plans will actually be the more cost-efficient way to go.
For more information on a medicare supplement right for you, contact a company like Franklin Benefits Group.