I’ve been paying high premiums for my Medicare Supplement Plan F. Can I switch to another policy to save money?

Medicare Supplement Plan F, also known as Medigap Plan F, is currently one of the most popular Medicare Supplement plans. However, due to the large number of benefits it covers, it tends to come with higher premiums than the other Medicare Supplement plans. In addition, insurance companies can take rate increases from time to time and over the years, these rate increases can lead to high premiums. If you feel you are paying too much for your current plan, you may be able to switch to a different plan with a lower premium.

What alternative do I have to Plan F?

Some alternative plans you can switch to may include:

Purchase a different Medicare Supplement plan 

There are 10 standardized Medicare Supplement plans that are available in most states. In Massachusetts, Minnesota, and Wisconsin, Medicare Supplement policies are standardized in a different way. The plan names are letters of the alphabet, with plans labeled A, B, C, D, F, G, K, L, M, and N. If you find that Plan F is affordable, you can look at a Plan N or one of the other Medicare Supplement plans.

Another option is to look at moving to a different carrier that may have a lower premium if you can go through the underwriting process.

Consider a High Deductible Plan F

If you are willing to share certain health care costs, this Medicare Supplement insurance plan can help you save on premiums while still receiving dependable coverage. High Deductible Plan F includes cost-sharing features that allow you to save on premiums while still receiving dependable coverage. A number of healthy individuals choose this option as a way of saving money each month. The plan will still protect any of their significant medical needs.

Medicare Advantage Plans

Unlike the other options mentioned here, Medicare Advantage plan is not a Medicare Supplement Insurance Plan. Also known as Part C of Medicare, a Medicare Advantage Plan may offer extra coverage. Most include Medicare prescription drug coverage (Part D) and for many, can serve as an affordable alternative to a Medicare Supplement Plan.