Medicare Supplement Premium Savings
Medicare beneficiaries want to protect their health and finances. Surprises are not welcome. Below are some options available to help your clients save premium dollars when selecting a Medicare supplement plan.
Cost-Sharing Plan N
Plan N keeps premium low through cost-sharing. Policyholders pay the Medicare Part B deductible ($233 in 2022) and potential copayments for office and emergency room visits, as well as any excess charges (which only apply in rare circumstances). Plan N can be a good fit for your clients when:
- Applicant wants to reduce premium liability
- Applicant prefers to pay a lower premium in exchange for the possible out-of-pocket expenses associated with the Part B deductible
- Applicant is accustomed to cost-sharing or coming off an employer’s health insurance plan
To learn more about the cost-sharing Plan N, click here.
High Deductible Plan G
High Deductible Plan G (HDG) is another cost savings option for your clients. HDG provides the same coverage as Plan G once the policy’s deductible amount ($2,490 in 2022) is met. The difference is the lower premium amount for HDG versus Plan G. So, your client may save on HDG if they generally have low annual health care costs.
Additional Premium Savings – Household Discount
Based on the state, the household discount may either be a co-habilitation discount or a multipolicy discount. So be sure to ask applicants about others in the household. You may help them save some significant money, which will help attract and retain policyholders.