Medicare provides health insurance coverage to millions of enrollees across the United States, but there are plenty of expenses that it doesn’t pay for. If you want to fill in these holes left behind, one of the best ways to do that is by buying a Medicare Supplemental insurance policy. These plans are sold by private insurance companies. Because every company is different, you can expect to get different rates depending on the company.
Medicare supplement rates can vary from person to person based off a number of factors. This article will be exploring the factors used in determining Medigap rates, but if you came here looking to get Medicare supplement quotes fill out the form to get started.
Understanding Medicare Supplement Rates
When I first started working with people to get the best Medicare supplemental insurance rates it was very confusing as to why seemingly identical people would get such different premiums. There are three main factors that affect your Medicare supplement rates. These factors are:
Age – the younger you are the less expensive your health insurance. The same goes when looking at Medigap rates. If you are just turning 65 then your Medicare supplemental insurance rates will be much lower than someone who is in their 80’s.
Health – If you are not in good health then your Medicare supplemental insurance rates are going to be higher. The worse that your health is, or if you have any chronic illnesses or pre-existing conditions, you could be facing higher premiums. There is one exception to this which we will discuss a little later.
Location – Insurance companies are rating down to the zip code based off of risk. While it seems that two identical people should get the same Medicare supplement rates the insurance companies have to make sure they are not taking more risk in one area of the country than another. So if you live in Florida you will have higher Medigap rates than living in Georgia who has less retirees.
The last factor that is going to impact your premiums is obvious, the type of plan you choose. The more gaps that the plan fills, the more expensive that it’s going to be. Medicare Plan A is a minimum coverage plan, and Plan F is the most inclusive. You’re going to pay more every month for Medicare Plan F than you will for Plan A.
Lower Rates with Open Enrollment
In order to take care of people with pre-existing conditions, the government has mandated that everyone have an open enrollment period that lasts three months after you first go on Medicare part B. What this means is your Medicare supplement rates will not be affected by medical underwriting if you apply during this time. So both age and location will still be a factor but any health conditions you have will not be considered. For anyone with a pre-existing condition this may be your only chance to receive a Medicare supplement.
After this six-month window is up, the application process goes back to the traditional process. You’re application will go through medical underwriting, but the advantage switches to the insurance carrier. Now you can be fully underwritten, but chances are still high you’ll qualify for a plan. Regardless if you’re in your Open Enrollment period or not, or agents can help you get the best policy to fit your needs.
Because these plans are standardized by the government, regardless of which company sells it, they are going to have the same coverage. The only difference between the companies is what they charge in monthly premiums. That’s why it’s important to compare quotes from multiple companies before you choose one of them. There are dozens of different insurance companies that sell Medigap plans, which means comparing quotes could take hours. Instead, let us do the work for you. We will bring you the lowest quotes available to you.
At CompareMedicareSupplements.net we are dedicated to helping you get the lowest Medicare supplemental insurance rates. Throughout the process we will help you find the best plan and company for your needs.
Deciding the Plan that Works Best for You
As we mentioned earlier, the plan that you choose is going to greatly impact how much you pay in monthly premiums. Money is an important factor is picking the right plan. Purchasing a supplemental plan shouldn’t strain your budget. Everyone would love to purchase an all-inclusive Plan F, but not everyone can afford one. Take the time to look at your finances and see which plan you can comfortably fit into your budget.
Aside from finances, you also need to consider your health, the options you have available, and your future. How are your health and your family history? If you are in bad health and have a family history of health complications, you should consider getting a plan that covers more expensive. This will save you more money out of pocket.
No one knows what the future holds for your health, but you can also protect yourself against massive medical bills by having supplemental insurance. You can ask us any question about medsup rates or need assistance deciding which plan is best for you, or agents will be happy to help. We are committed to ensuring that you get the best coverage available.