Health care is one of the largest expenses during retirement. Perhaps you’ve seen the numbers. A 65-year-old retiring today is expected to need over $300,000 for health-related expenses. A lot of those costs are for co-pays, and ever-increasing deductibles. These out-of-pocket costs are why many retirees secure a Medicare Supplement or Medigap policy, to help pay some of the expenses Original Medicare doesn’t cover.

But did you know that TMA Insurance Trust could help you find valuable discounts on your Medicare Supplement premium? We work with many providers who offer a discount when two members of the same household enroll with the same insurance company.

You may be wondering why insurance companies would offer these discounts. One of the main reasons is social isolation is detrimental to our health, especially as we age. Research has shown those who live alone are at increased risk of a variety of physical and mental conditions which can lead to higher medical claims. However, people who are socially engaged with others tend to live longer, healthier lives. The household discount is a way some insurance companies try to attract people who will be a lower risk to insure.

How Much You Could Save

Medicare Supplement plans are standardized but the costs are not. Each company sets its own pricing and its own discounts. Some companies don’t offer household discounts at all. However all the companies that TMA Insurance Trust will quote you offer sizable discounts, some as much as 12%. This household discount could result in saving each of you thousands of dollars over the course of your retirement.

How to Qualify for a Discount

Just as each company sets their own rates, each carrier also has their own guidelines and rules around discounts. Medigap coverage is too important a decision to pick a plan or a carrier based solely on cost. The cheapest plan can leave you exposed to unmanageable out-of-pocket costs. A carrier with the lowest rates today might attract a lot of business but then have to raise rates significantly in order to offset higher than expected claims.

This is where the help of an experienced TMA Insurance Trust advisor comes in. TMA Insurance Trust was created to exclusively serve Texas physicians. Your advisor has your best interests at heart and will work with you to find the right plan for your current and future health needs. Once you have the right plan, then your advisor will help you secure all the discounts for which you may qualify.

Younger Spouses Can Save Too

If you are shopping for Medigap coverage now and your spouse is younger, depending on the carrier, you may become eligible for the household discount when your spouse takes out their own Medigap plan. If your spouse eventually purchases a Medigap plan from the same company that you did, the two of you will each receive a discount on both of your policies.

You do not have to select the same Medigap plan. As long as you both choose the same insurance company, you both can enjoy the savings. If you already have Medigap coverage, be sure to talk to a TMA Insurance Trust advisor to see if your carrier offers this option.

If your spouse will soon become Medicare-eligible, please encourage him or her to contact TMA Insurance Trust as soon as they sign up for Medicare Part B. As a spouse of a Texas physician, they are eligible for our services. They do not have to be a physician or a member of TMA to benefit from this no-cost, no-obligation service. TMA Insurance Trust was created by the Texas Medical Association to support Texas physicians and their families and help them protect what they have worked so hard to achieve.

Discounts for Household Members

There are many ways to qualify for a household discount and with some carriers you don’t have to necessarily be married to the other person. You could be living with a sibling, an adult child, a roommate or a significant other. However, in some cases, the age of the person and how long you have been living together will determine eligibility for the discount.

Don’t Miss Your Chance to Save

If you would like to know if you might qualify for this valuable discount, contact a TMA Insurance Trust advisor today. We will be happy to help you understand your Medicare supplement options. When you talk to us, be sure to learn about other ways we can help you save against the cost of other services that Medicare doesn’t cover--including dental, vision, hearing, long term care and life insurance. TMA Insurance Trust will gladly help with all your insurance needs. Contact us today for a free, comprehensive insurance review.

For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.