Lisle, Illinois – September 14, 2018
There can be a significant difference today in costs for Medicare Supplement insurance for seniors in the Chicagoland area. The savings potential can amount to thousands of dollars a year.
According to a 2018 study conducted by the American Association for Medicare Supplement Insurance (AAMSI) the monthly cost for virtually identical insurance coverage can vary by 143 percent. “While Medicare Supplement insurance policies are standardized, each insurer offering policies in Illinois sets their own prices and too few seniors are aware of what can be a sizable difference,” explains Dave Castillo a veteran independent insurance professional with his agency Davesurance located in Lisle, Illinois
“Costs for Medicare and Medicare insurance are constantly changing,” shares Castillo. “In fact, the most popular Medicare Supplement insurance plan today will soon no longer be offered to new participants.”
The AAMSI 2018 Medicare Supplement Insurance Price Index revealed that the difference between the lowest and highest price for virtually identical insurance plans typically varied by 20 to 80 percent across the country. “Costs locally can vary by Zip Code and the insurer offering the lowest price coverage for a 65-year-old woman may not have the lowest cost for a male,” adds Castillo.
The Lisle Medicare insurance professional shares the following tips for getting the best coverage.
AGENT VERSUS BROKER: Comparing costs today is important. Ask the insurance professional you work with how many insurance companies they are appointed with. Appointed is industry jargon that simply means they can actually sell you coverage from that insurer.
ASK FOR A RATE INCREASE HISTORY: Insurers can and will raise rates. Locking yourself into the lowest priced policy could cost you more in the long run. Your insurance professional should share the company’s recent record of rate increases.
AM I PAYING FOR TOO MUCH COVERAGE: A good rule of thumb is you never want to have an insurance company pay stuff that you’re willing and able to pay yourself. For Example the annual Medicare Part B deductible is under two-hundred dollars. Most folks I know are willing to take care of that themselves and don’t need an insurance company to pay it for them.
ARE DISCOUNTS AVAILABLE? Some insurers offer up to a 12 percent discount when both spouses or partners buy coverage. Some will offer a discount even when the second spouse or partner is not yet eligible for Medicare benefits.
To learn more about Medicare insurance options and ways to reduce the cost of coverage, call Dave Castillo at 630-854-3638.