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Five Tips For Buying Medicare Supplement Insurance

When you turn 65 and become eligible for Medicare, you will have the option to enroll in a Medicare Advantage (MA) plan or a Medicare Supplement plan (also known as Medigap). About one-third of Medicare enrollees choose an MA plan, while 15 million Americans currently have a Medigap plan which offers complete freedom to see any medical professional who accepts Medicare. To make the best decision and save money, consider the following tips:

  1. Don’t overpay, as prices for Medigap insurance vary significantly and it’s common to find one company charging twice as much as another for identical coverage.
  2. Shop for rate stability, as some insurance companies are new to the Medigap business and may not have real experience on which to base their rates, causing above-average rate increases in future years.
  3. Take advantage of discounts, as many Medigap insurance carriers offer spousal and/or household discounts which can add up to hundreds of dollars a year.
  4. Benefit from savings and points, as some insurers offer discounts for automatic payments, annual payments, and credit card payments which can add up to significant savings over time.
  5. Compare your options by seeking out a local Medicare Insurance agent who can offer unbiased recommendations and comprehensive options.

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