The only two brand new Medigap plans to be added to the list of Medigap insurance within the year both increased lower premiums than some plans that were already on the market. Medigap Plans M and N keep premiums low by paying part of the Medicare fees.
Plan M only covers 50 percent of the Medicare Part A $ 1,100 excess you need to meet before Medicare picks up your hospital bills. If hospitalization is unlikely, it may be useful for you. Plan N lowers the premiums by paying part of the Medicare Part B co insurance for medical services. This plan could work well if you normally spend little on Part B co-insurance.
In addition to these new low-cost plans, one of the biggest names in health insurance has suggested cutting down on the premiums of Medicare Supplement Insurance when the need for it is greatest. One name you do not often see as a leader in low-cost health insurance, Blue Cross Blue Shield, wants to offer greater discounts on Medicare supplement plans for Michigan seniors with the lowest income.
What is the Blue Cross Plan Medicare Supplemental Insurance? Find out at https://www.medicaresupplementplans2020.com/
As the largest insurer in Michigan, Blue Cross already uses one percent of what it collects in premiums to lower the price for patients with Medigap insurance to supplement their Medicare coverage. Blue Cross officials say this represents a 39 percent rebate that is currently evenly distributed to persons with Michigan Medigap policies. The company Blue Cross, is appealing to distort this distribution to make the biggest discounts available to persons who need help the most.
“We’re asking some people to pay 50 cents a day more to help people who are their age but have difficulty eating or paying their mortgages or health insurance,” says Andy Hetzel, for Blue Cross.
All seniors would still benefit from discounts of a minimum of 25 percent, but those with the greatest need in Michigan would get extra help. For example, the blue-cross plan would mean that a senior with an income of $ 16,245 would only pay half the monthly premium of $ 191.
If approved by the State Office of Insurance and Financial Regulation, more than 200,000 seniors in Michigan could observe a change in their Medicare Supplement premiums from Blue Cross. If you have an income in excess of $ 32,600, you would see an increase, but everyone else would get a price cut in their premiums. Will this idea spread to other states outside of Michigan?
Regardless of what locality you reside, there’s an easy way to keep your premiums down. One of the simplest ways to ensure that you get the best Medicare supplement value is to request an annual review, where independent agents compare your requirements to other Medigap guidelines.
If your health status makes it easy to change policies, you may find a better plan that works better for you. It’s a good idea to apply for a free policy review once a year so you do not miss out as new plans become available. Of course, as your needs change, it’s always the time to see if another Medicare supplement can save you money.