HOW TO SAVE MONEY ON YOUR MEDICARE SUPPLEMENT PLAN

Michael T. Braden August 29, 2025 Medicare Supplements

HOW TO SAVE MONEY ON YOUR MEDICARE SUPPLEMENT PLAN

Yes, you can save money on your Medicare Supplement. In comparison, plan. When it comes to healthcare in retirement, every dollar counts. Medigap or Medicare Supplement policies are an excellent way for many to protect themselves from catastrophic loss if you or your spouse is ever dealt a bad hand.

The good news is that there are several strategies you can use to reduce your costs without sacrificing the coverage you need. Below, we break down simple ways to save money on Medicare Supplement plans while still protecting your health and your wallet.

Braden Medicare Insurance How To Compare Medicare Supplements Guide Poster

IT IS IMPORTANT TO UNDERSTAND HOW YOUR PREFERRED MEDIGAP PLAN WORKS SO YOU CAN BETTER UNDERSTAND IT AND COMPREHEND WHAT YOU ARE PAYING FOR

Before you can save money, it’s important to understand precisely what expenses Medicare Supplement plans cover and how they work. These plans help cover costs not covered by Medicare Part A and Part B, such as deductibles, coinsurance, and copayments.

Your premium is based on several factors, including the plan letter you choose, your age, location,your tobacco use status, the insurance company offering the coverage, and more. Some plans may include extra benefits, while others focus strictly on core coverage. By knowing what you’re paying for, you can avoid buying more insurance than you truly need.

This step is essential if you’re comparing options like Medicare Supplement Plan F, Plan G, and Plan N. While all three provide strong coverage, their cost differences can be significant. If you rarely visit the doctor, Plan N may make sense, while frequent healthcare users may save more with Plan G.

ALWAYS COMPARE RATES FROM MULTIPLE MEDIGAP COMPANIES

One of the biggest mistakes Medicare beneficiaries make is assuming all Medigap plans cost the same. While benefits are standardized, monthly premiums vary widely depending on the insurance company.

For example, two carriers may offer identical Plan G policies, but one could cost $40–$60 more per month. Over the course of be a good optiona year, that adds up to hundreds of dollars in unnecessary spending.

By comparing quotes from multiple companies, you can ensure you’re not overpaying. Working with a knowledgeable insurance agent allows you to view many carriers at once, saving time and money while giving you peace of mind that you found the best deal.

MAKE SURE YOU ARE ENROLLING AT THE RIGHT TIME., IF YOU SNOOZE, YOU MAY LOSE

Timing plays a significant role in determining the cost of your coverage. Your initial enrollment period for Medicare Supplement insurance begins when you are both 65 and enrolled in Medicare Part B. During this six-month window, you can enroll in any Medigap plan without answering health questions or undergoing medical underwriting. However, some carriers allow you to enroll up to six months before your Part B enrollment date to lock in even more cost savings.

If you miss this period, carriers can require underwriting, and pre-existing conditions may increase your premiums or even prevent you from enrolling. To save money long term, take advantage of your guaranteed issue rights by applying during this period.

Even if you’ve already passed your initial enrollment period, there may still be times when you qualify for guaranteed issue protections. For example, if you lose employer coverage or your Medicare Advantage plan leaves your service area, you may have another chance to enroll without health questions.

IT MAKES SENSE TO COMPARE DIFFERENT PLANS SO YOU UNDERSTAND ALL OF YOUR MEDICARE SUPPLEMENT OPTIONS

Not all Medigap plans are created equal. Some, such as Medigap Plans F, G, and N, are the most popular because they strike a balance between affordability and coverage.

• Plan F: Covers all out-of-pocket costs, but is only available if you were eligible for Medicare before January 1, 2020.

• Plan G: Often considered the best value, it covers everything except the Part B deductible.

• Plan N: Typically has lower premiums than Plan G, but includes copayments for certain services.

• HDG (High Deductible Plan G): Is a popular option for some individuals. You pay a higher deductible before your Supplement kicks in, but in years with little to no claims, you may come out ahead in the long run.

When choosing a plan, think about your current health, how often you visit the doctor, and what level of financial protection you’re comfortable with. Picking the right plan at the start can prevent unnecessary switching later.

UNDERSTAND WHAT DISCOUNTS YOU QUALIFY FOR

Many carriers offer household discounts if you and your spouse or another Medicare-eligible household member enroll in plans with the same company. These discounts can range anywhere from 5% to 20% off your monthly premium. But beware, some of the most popular plans can start off with an 11% Discount, but they use a declining deductible, so in 9 years, you are getting no discount at all.

Even if your spouse doesn’t need as much coverage, you may still benefit from the familiarity and confidence that you both have the same plan, which usually benefits you by applying through the same carrier. Over time, these discounts can add up to hundreds of dollars in annual savings. This is money that can be redirected toward prescriptions, dental care, or other retirement expenses.

SHOP AND SWITCH WISELY AND COMPARE PLANS EVERY 2-3 YEARS

Just because you have a plan now doesn’t mean you’re locked in forever. Rates can increase over time, and what was once a good deal may no longer be the most affordable option. Shopping around every two to three years ensures you’re still getting the best price for the coverage you need.

However, switching is not always straightforward. Outside of your initial enrollment, you may be subject to medical underwriting. This is why it’s essential to evaluate your health and options before making a change. Remember that keeping your base premium as low as possible is the key to saving money over time.

WHY WORKING WITH AN INDEPENDENT, LICENSED MEDICARE BROKER MAKES THE MOST SENSE

One of the simplest ways to save money on Medicare Supplement insurance is to work with an independent broker. Unlike agents who represent a single company, independent brokers represent multiple carriers. This means they can provide unbiased comparisons, help you find discounts, and guide you toward the best plan for your needs and budget.

Here at Braden Medicare Insurance Services, our licensed agents specialize in helping seniors navigate the complex world of Medicare, so you don’t have to do it alone. We shop the market for you, explain your options clearly, and make sure you feel confident in your decision.

WHAT TO LOOK FOR WHEN COMPARING CARRIERS

Instead, focus on overall value. Look at what each plan covers, how it fits your health needs, and the company’s reputation for customer service. A slightly higher premium may save you money in the long run if it means fewer unexpected costs.

Remember, healthcare is an investment in your future. Choosing a plan with reliable benefits, financial stability, and a trusted carrier can help protect your health and your finances for years to come.

WRAPPING THINGS UP

Saving money on a Medicare Supplement plan is all about being informed, comparing options, and making informed choices. Whether it’s enrolling at the right time, taking advantage of household discounts, or working with an independent broker, you have options to keep your healthcare costs under control. essential.

If you ever have questions and you are not sure what to do or who to call, please feel free to text, email, or call us at Braden Medicare Insurance Services any time. We are committed to serving our clients,expertise.