How Janet Saved a Couple $1,262 on Medigap Plan F
One of our favorite services here at Sams/Hockaday is finding ways to save clients money without sacrificing any benefits.
We find money savings for clients every day, so we’re pretty used to it, but our clients are always pleasantly surprised!
And occasionally, we’re able to save a client a significant amount on their premiums. That’s the story today with a recent case study from agent Janet Johnson. Janet was able to save a couple $1,262 on their annual Medigap bill! Here’s how she did it.
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Switching Medigap Plans
If you have a Medicare Supplement, also called a Medigap plan, you can switch plans or companies any time of year.
The only caveat is you must be able to pass underwriting. If you have any health conditions or take any medications, you’ll need to check with your agent to see if you’d be accepted.
Each Medigap company has different health questions, and we can help you navigate that.
- Can I get a Medicare Supplement insurance plan if I’m overweight or obese?
- Can I get a Medigap Plan If I Have Diabetes?
- Can you get insurance with COPD?
That said, if you are healthy and can pass underwriting, you can make two changes to your Medigap plan:
- Switch plan letters (for example, switch from a Plan F to a Plan G)
- Switch companies (for example, switch from CSI Life to Accendo)
When you switch plan letters, your benefits will change. However, the Medicare Supplement plans we recommend have very few differences. For example, the only difference between a Plan F and a Plan G is the deductible.
In 2021, that deductible is $203. If you can save much more than that in premium, it often makes sense to consider a plan change.
When you switch companies, you have the opportunity to save a hefty amount in premium. All Medicare Supplements are standardized, so a Plan G with one company is the same as a Plan G from another.
If a company is willing to sell you a Plan G for less than what you’re paying now, you should take them up on the offer!
Switching plan letters and switching companies are the two main ways we save clients money on their Medigap bills.
How Janet Saved a Couple Nearly $1,300 on Medigap Plan F
Janet had an appointment with a couple, and the husband had a Cigna Plan F for $185 per month.
Janet recommended switching to a Plan G from Atlantic Coast Life. If the wife also switched her plan to Atlantic Coast Life, they would benefit from a 12% household discount.
Overall, switching plans and companies would save this couple a ton of money – nearly $1,300 annually!
There was one sticking point for the husband: if he left his Plan F, would he be able to get it back?
Many clients have the misconception that if you give up your Plan F, you can’t go back to it. We are happy to share this is not the case!
As long as your health is good enough to be underwritten, you can always have a Plan F if you were eligible for Medicare before 1/1/2020.
This couple received the household discount with Atlantic Coast Life. The husband saved $912 annually, and the wife saved $350 annually.
Their total annual Medigap savings was $1,262!
We love helping clients save money on their Medicare bills, and we love sharing the success stories even more!
If you have a Medicare plan, give us a call at 217-423-8000. We’d love to do some price comparisons to see if we could save you money on your bills!
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