Medigap Quotes

As you may know by now, Medicare supplement plans are all the same between each company.  The benefits of a plan F for example, are no different weather that it is offered by Mutual of Omaha or AARP.  The premiums however, are entirely different from company-to-company which confuses people even more when trying to shop for a Medicare supplement plan.  This is why you should obtain Medigap quotes from multiple carriers to see which company can offer you the lowest premiums for the coverage that suits your needs the best.

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But why are the premiums all different?

Medicare supplement companies typically offer many different products, not just supplements.  They have extensive portfolios in a range of various products to meet their client’s needs.  While this is not the main reason why the premiums are so different, it does add to the equation.  What makes the premiums different is the fact that each company has what is called a different risk pool within their Medicare supplement portfolio.  Because Medicare supplement premiums are based on the ratio of claims being paid out of the group you are in and premiums coming in, there is no way that premiums could all be the same for every company.

Ratings of different Medicare supplement policies

Medigap policies are rated in three different categories.  They are: community rated; issue age rated; and attained age rated.

Community rated

This means that everybody enters the group at the exact same premium regardless of age.  These types of policies still do have rate increases typically once per year however they are not based on age.

Issue-age rated

The premiums of these policies are determined by the age you that you enter the group however you will not receive a rate increases based on your age each year.  You will in fact receive rate increases based on economic factors so don’t be fooled into thinking that these plans do not increase.

Attained-age policies

The majority of Medicare supplement policies available today and are attained-age policies.  The premiums for these policies are based on the age that you enter the group, and they also increase as you get older.  Do not let this scare you as these policies typically have the lowest premiums.  However, like every other type of policy they do go up each year in need to be checked to see if there are better options as you get older.

An important factor to consider is that Medicare supplement plans and their premiums to change.  Regardless of which plan you choose you will get rate increases, often once per year, and it you do not check the rates from other companies when this happens you might end up overpaying for your coverage.

Use this website to get FREE NO-Obligation Medigap quotes from the top carriers in your area.  You can easily compare plans and their premiums to make sure you get the exact coverage that you need for the best price.

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