The most important thing to know when enrolling in Medicare is that you will need to compare Medicare supplement insurance quotes from multiple companies. This is because supplement plans are “standardized” which means they all must contain the exact same benefits by law, regardless of carrier. The monthly premiums that these companies charge however are all entirely different, meaning you could end up paying a great deal more than you need to.
While the coverage provided by Medicare supplements may be controlled by the United States Government, the rates charged for those policies are up to the individual insurance companies. They set rates based on age, health status, the area you live and various other factors. Rates are also determined by the amount of claims being paid out of the group. Any future rate increases are based on this same premise.
You will find vastly different prices from one company to the next, so it’s a good idea to compare them to ensure you are getting a decent price. If you simply accept the first offer you get for supplemental insurance, you could be overpaying and not even know it.
You also need to be wary of rates that increase. Many Medicare supplement plans will have their rates bumped up on an annual basis by the insurance providers. Once you sign up for a policy, you can get your rate locked in by buying a community or issue-age rated policy. This starts you off with a higher premium but keeps the rate the same for the remainder of your subscription.
Alternately, you could opt for an attained-age rated policy. This means you will pay a rate increase for each year you age, but it has a lower starting cost than community rated polices.
Tracking the Rates
Because rates can change every year and from company to company, you need to keep up to date with them. Perhaps you are waiting a few years to see if you need Medigap or other supplemental insurance. Or perhaps you are simply not old enough to be eligible yet, but you want to see what your options are. Either way, you need to be able to keep tabs on current prices so you can plan your budget around the premiums you plan on paying.
To help you with this, we’ve created a free online quote engine. This service takes the plan you tell us that you want to use and sources Medicare supplement insurance quotes from applicable insurance carriers who offer policies in your area. This allows you to take a look at several different prices, get an idea of what prices are the average and ultimately decide which insurance carrier is right for you.