How to Compare Medigap Policies

Medigap is additional coverage the seniors can get to supplement for what they already have and what is not covered under Part A and Part B. Now what you need to understand about this plan is that it can be rather tricky. You don’t jut sign up for one plan and you are done. There are different plans and options that are available. And once you find out the one that is right for you, then your coverage can start. But before you sign your name on the dotted line let’s preview and compare medigap policies to see which one will best fit what you need.

There are three ways that supplement plans are rated. They are called community-rated, issue-age rated, and attained-age rating. Each one is different and not all types of plans might be available in your area. Speak with one of our experienced agents to see what’s available.

Attained-Age

These plans are by far the most popular and typically have the lowest premiums. The premium is  based on what age you are when you enter the plan. As with all plans regardless of their ratings, you will have rate increases each year. With an attained-age policy your premium will go up each year as you get older, and also go up slightly based on inflation.

Community Rated

The next rating is with community based rating. And with this one the premiums are achieved through the area in which you live and then every person pays the same rate. And if you live in a low rated community this can be a very good benefit for each person involved, regardless of age. Again don’t be fooled as these too have rate increases each year. As well they premiums for these plans might start out higher than attained-age.

Issue-Age Rated

The final rating is the issue-age rated. The premium is estimated based on the age in which you buy into it. These premiums do not go up each year based on your age, but they do in fact go up based on economic factors. You may have read that somehow these are better because they do not go up and you are locked in at the rate you enter the plan based on your age. This is far from the truth and as with all the plans you will get rate increases.

When you compare medigap policies there are a few options from which to choose from and it’s best to use this website to obtain quotes from several of the top carriers in your area. We make the process easy!

 

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