Medicare premiums can add up, and with a fixed income, lowering your Medicare premium costs, can make all the difference. Luckily we have three proven strategies to help you reduce costs without sacrificing your coverage. Let’s explore these strategies that can help you save money and ensure you’re getting the most out of your Medicare plan.
Option 1: Switch Medicare Supplement Companies
If you’re satisfied with your current Medicare Supplement plan but not with what you’re paying, switching to a different insurance carrier could be the solution. By keeping your existing plan and simply moving to a company with lower rates, you can potentially lower your monthly premiums.
Most states will require medical underwriting but rest assured you only need to be in reasonably good health to qualify. During the underwriting process, you’ll be asked a series of health questions and you’ll need to submit a medication list to the insurance company so they can decide on your coverage.
There are a few states where they have year-round open enrollment and underwriting isn’t necessary. Those states are Connecticut, New York, Vermont, Washington, and Massachusetts. If you live in a state where the birthday rule applies you can switch your Supplemental plan within your state’s birthday rule window and bypass underwriting as well.
Why Should I Consider Switching Medigap Companies
It may seem like a frivolous move, but switching Medigap companies has some perks. Medigap premiums are determined one of three ways, but many plans look at the age of those in your group and how many people are in your group to determine premiums. The longer you stay on a plan, the older people in your group get and the smaller it becomes due to people leaving. By switching companies with a larger, younger group, you can lower your premiums.
Option 2: Switch Medicare Supplement Plans
Switching from one Medicare Supplement plan to another can also be a smart move. If you’re currently on a Plan F or G, you may be able to lower your premiums by choosing a plan that offers the same coverage at a better rate. For instance, moving from a Plan F to a Plan G can save you $50 to $100 each month, with a minimal increase in out-of-pocket costs. In this example of switching from an F Plan to a G Plan, you’ll now have to pay your Part B deductible, which is $283 in 2026. By taking on a little more risk, you can save yourself money in the long run and still enjoy the benefits of a Supplemental plan.
Option 3: Switch from a Supplement to an Advantage Plan
Switching from a Supplement to an Advantage plan (Part C) could be a game-changer for your budget. Most Advantage plans come with lower premiums beyond your Medicare Part B payment, and they may offer additional benefits that are not included in Original Medicare. Benefits vary by plan and location, and limitations may apply. Contact a licensed agent to learn more.
Medicare Advantage plans do come with some trade-offs. You’ll need to work with doctors in your plan’s network, receive pre-authorizations for certain services, and prepare for regular copays. While these plans might require more coordination and have annual renewals, the potential savings and extra benefits could make them a worthwhile option for those seeking to lower their Medicare premium costs.
Medicare School Can Help Lower Your Medicare Premium Costs
Taking control of your Medicare premium costs doesn’t have to be complicated. By exploring these proven strategies — switching companies, changing plans, or considering an Advantage plan — you can confidently reduce your premiums and ensure you’re getting the best value for your coverage. Take action now, and secure the savings you deserve.
If you are a current client schedule a call with our amazing support team and they can help you compare plans and enroll you if you find a plan that is a better fit. If you are new client, schedule an appointment or give us a call to get started.