However, a lower premium does not automatically make another policy the better choice. The potential savings should be weighed against medical underwriting, company differences, rate history and any benefits you would give up.
Sometimes a review produces meaningful savings. Other times, keeping the current policy is the better decision.
I’m Joe DeAngelis of The DeAngelis Agency. I’ve helped Medicare beneficiaries compare Medicare Supplement premiums and coverage since 1985.
Get Help Lowering Your Medicare Supplement Premium
If you want to know whether you’re paying too much, I can compare your current policy with available plans from other insurance companies represented by the agency.
Call or text The DeAngelis Agency at 215-967-8828, or contact us online. There is no charge or obligation.
How Can I Lower My Medicare Supplement Premium?
Several strategies may help reduce your Medicare Supplement premium:
- Compare the same standardized plan with other insurance companies
- Check for household discounts
- Review available payment-method discounts
- Compare Plan G with Plan N
- Review optional benefits or riders
- Determine whether you can qualify for a replacement policy
- Consider whether your current premium remains competitive
The right approach depends on your existing coverage, available premiums, health history and the amount of potential savings.
Compare the Same Medicare Supplement Plan First
Begin by comparing your current plan letter with the same plan letter from other insurance companies.
For example, if you have Medicare Supplement Plan G, compare your premium with current Plan G rates from other companies. The standardized medical benefits of Plan G are generally the same regardless of which insurance company issues the policy.
The same principle applies to Plan N. One company’s standard Plan N generally provides the same standardized medical benefits as another company’s Plan N.
Insurance companies can still differ in:
- Monthly premiums
- Household discounts
- Payment options
- Rate history
- Financial strength
- Customer service
- Underwriting requirements
- Application or policy fees
- Non-insurance extras
Changing companies may allow you to keep the same standardized benefits at a lower premium. However, the lowest current rate does not guarantee the lowest long-term cost.
Check for Household Discounts
Some Medicare Supplement insurance companies offer household discounts.
Eligibility varies by company. Depending on the carrier, a discount may be available when:
- You live with a spouse or another adult
- Two members of the household have coverage with the company
- You and another eligible household member apply together
- You meet the company’s residency requirements
The discount percentage and eligibility rules can differ significantly. Some discounts may also change if the other person moves, cancels coverage or dies.
When comparing premiums, make sure the quoted rate clearly shows whether a household discount is included and what is required to keep it.
Review Payment-Method Discounts
Some insurance companies offer a discount for using automatic bank withdrawal or another approved payment method.
The savings may be modest, but it is worth checking before changing policies. A payment-method discount could lower your existing premium without requiring medical underwriting or replacing your coverage.
Ask your current insurance company whether:
- Automatic bank withdrawal provides a discount
- Your current payment method qualifies
- Paying quarterly, semiannually or annually changes the cost
- Any billing fee is included in your premium
Do not change payment arrangements until you understand how the company will process the next premium.
Compare Plan G With Plan N
Another possible way to lower your premium is to compare a different standardized plan letter.
Plan N often has a lower monthly premium than Plan G, but it includes additional cost sharing. Plan N may require:
- Up to a $20 copayment for certain office visits
- Up to a $50 emergency-room copayment when the visit does not result in an inpatient admission
- Payment of Medicare Part B excess charges where they are legally permitted
Pennsylvania prohibits healthcare providers from charging Medicare beneficiaries Part B excess charges. That removes one potential Plan N expense when receiving care in Pennsylvania, although Plan N’s office and emergency-room copayments still apply.
Compare the annual premium savings with the additional costs you might pay. A lower premium is valuable only when the overall tradeoff makes sense for you.
Review Optional Benefits and Riders
Some Medicare Supplement policies include optional benefits, riders or memberships that may affect the premium.
These could include:
- Dental or vision riders
- Fitness programs
- Discount programs
- Additional non-insurance services
Before removing anything, determine whether it is built into the policy or separately priced. Eliminating an optional rider may reduce the premium, but company-specific extras are not always removable.
Do not give up a benefit you regularly use merely to produce a small monthly saving.
Will I Have to Answer Health Questions?
Possibly.
Outside your six-month Medigap Open Enrollment Period or a guaranteed-issue situation, a new Medicare Supplement insurance company may require medical underwriting.
An application may ask about:
- Recent hospitalizations
- Pending surgery or treatment
- Heart or circulatory conditions
- Cancer history
- Diabetes complications
- Chronic health conditions
- Prescription medications
- Use of certain medical equipment
- Recent home healthcare or nursing-facility care
Underwriting rules vary among insurance companies. One company may consider an applicant eligible while another company may not.
A lower quote is not an approval. Keep your current policy active while any replacement application is being reviewed.
Is There an Annual Medicare Supplement Open Enrollment Period?
No. There is no general annual Medicare Supplement enrollment period that allows everyone to change policies without medical underwriting.
Your federal Medigap Open Enrollment Period generally lasts six months and begins when you are both:
- At least 65 years old
- Enrolled in Medicare Part B
The Medicare Annual Enrollment Period from October 15 through December 7 primarily applies to Medicare Advantage and Medicare Part D coverage. It does not generally give you a new right to purchase any Medicare Supplement policy without underwriting.
You may apply to change Medicare Supplement coverage during other times of the year, but approval is not guaranteed when underwriting applies.
How Much Savings Makes Switching Worthwhile?
There is no single amount that makes changing policies worthwhile for everyone.
Start by calculating the annual savings:
- $10 per month equals $120 per year
- $25 per month equals $300 per year
- $50 per month equals $600 per year
- $100 per month equals $1,200 per year
Then consider:
- Whether the standardized benefits remain the same
- Whether the quoted premium includes all available discounts
- Whether an application or policy fee applies
- Whether the discount could change
- Whether you must answer health questions
- Whether you value any company-specific extras you would lose
- Whether the new company has a reasonable rate history
A very small difference may not justify replacing an established policy. Substantial savings for the same standardized coverage may deserve serious consideration.
Is the Cheapest Medicare Supplement Company Always Best?
No.
Premium is important, but it should not be the only consideration. A particularly low introductory rate may not remain competitive if the company later implements significant increases.
When comparing companies, consider:
- Current premium
- Recent rate history
- Pricing method
- Household discounts
- Financial strength
- Administrative service
- Underwriting requirements
- Application or policy fees
Past rate history cannot guarantee future results. Likewise, paying more today does not guarantee smaller increases later.
The goal is to find reasonable value—not simply the lowest number on a rate sheet.
When Should I Keep My Current Policy?
Keeping your existing Medicare Supplement policy may be the better decision when:
- Its premium remains competitive
- Other companies offer little meaningful savings
- You cannot qualify medically for a replacement
- You would lose a valuable benefit or discount
- The alternative has unfavorable pricing or fees
- You are satisfied with your current coverage and service
- Changing plan letters would create costs you do not want
A Medicare broker should be willing to tell you when staying where you are makes sense.
I have reviewed policies for clients and recommended no change when the alternatives did not provide enough value. The purpose of a review is to determine what is best for you—not to move every person to a different company.
Never Cancel Your Existing Policy Before Approval
Never cancel your current Medicare Supplement policy merely because you received a lower quote or submitted another application.
Use this order:
- Compare the coverage, premiums and company.
- Review the underwriting requirements.
- Submit the new application.
- Keep the existing policy active.
- Wait for written approval.
- Confirm the approved premium and effective date.
- Review the replacement policy.
- Cancel the old policy only after you have decided to keep the new coverage.
If you cancel the existing policy too soon and the new application is delayed or declined, you could lose coverage that may be difficult to recover.
Frequently Asked Questions
Can I lower my Medicare Supplement premium without changing benefits?
Possibly. If another company approves you for the same standardized plan letter at a lower premium, you can generally keep the same standardized medical benefits.
Can I ask my current Medicare Supplement company to lower my rate?
You can ask whether you qualify for a household or payment-method discount. However, the company generally will not individually negotiate its approved premium with you.
Can I switch from Plan G to Plan N to save money?
You can apply to change from Plan G to Plan N. Plan N often has a lower premium, but its office and emergency-room copayments and other benefit differences should be considered.
Can I change Medicare Supplement companies at any time?
In many states, you can apply at any time during the year. Medical underwriting may apply unless you have a protected enrollment right.
Does a premium increase allow me to switch without underwriting?
An ordinary premium increase does not generally create a guaranteed-issue right.
Will changing companies affect my doctors?
Generally, no. Standard Medicare Supplement policies ordinarily do not use insurance-company provider networks. Your providers must accept Original Medicare and agree to treat you.
Should I choose the company with the lowest premium?
Not automatically. Compare the premium, discounts, rate history, financial strength, fees, service and underwriting requirements.
Should I cancel my current policy before applying for another?
No. Keep your existing policy active until the replacement has been approved and you have confirmed its premium and effective date.
Related Medicare Topics
- My Medicare Supplement Rate Went Up. What Can I Do?
- Why Are Medicare Supplement Rates Increasing?
- Switch Medicare Supplement Companies Without Losing Coverage
- Best Medicare Supplement Companies for Rate Stability
- Plan G vs Plan N
Related Local Pages
- Doylestown Medicare Broker
- Bucks County Medicare Broker
- Montgomery County Medicare Broker
- Philadelphia Medicare Broker
- New Hope Medicare Broker
- Warminster Medicare Broker
Schedule Your Medicare Consultation Today
Medicare can be confusing, but getting answers shouldn’t be.
Whether you’re enrolling for the first time, reviewing your current coverage, considering a plan change, or simply looking for a second opinion, I’m happy to help you understand your options and answer your questions.
I’ve been helping Medicare beneficiaries since 1985, and I’ve built my practice on straightforward advice, long-term relationships, and treating people the way I’d want my own family treated.
If you’d like to discuss your Medicare options, call or text The DeAngelis Agency at 215-967-8828, or contact us online.
There’s no pressure and no obligation—just honest guidance to help you make a confident decision.
