Saving though Rates on Plans with Mostmedicare.com
There are 10 standardized Medigap plans (as of this past summer) to choose from in addition to the basic coverage that you already receive under your original coverage. Choosing the right plan is an important undertaking once you hit the age of 65 or if you happen to have become disabled at an earlier age, and with minor differences in the total coverage provided between supplement plans offered by insurance companies, it can be very difficult to make a choice indeed.
The key to getting the right Medigap plan for you is not just about getting the best rates, but it is also about getting the best out of the actual policy itself. This can depend on a variety of factors such as the reputation of the insurer, the variations in coverage between identical plans when compared between insurers, and the standardized supplement plan coverage itself.
Narrow down your choices out of the 10 standardized plans down to just two that fit your needs. There may be small differences between the two, so your decision later on will rely on how much additional coverage you would be willing to pay for. Go to the different insurers that offer the plan that you are looking for and find out how high their prices are for that specific plan. A Plan F might be the best plan for you if need complete coverage.
Since the price is the only major difference between the policies that these insurers will offer, take note of only three that offer the best rates. Before you do narrow your choices though, try to visit the online forums that discuss these insurers and gauge the satisfaction of existing policy holders with the insurer of their choice. Those that are rated highly stay on the list while you can eliminate any others that rate too poorly in addressing their policy holder’s needs.
- Every Medigap plan is regulated
- Prices are the only thing that vary
- There are nearly two dozen companies offering the same exact coverage but for a different rate
- You only get one chance at shopping so do it right (changing can by real annoying)
Insurance companies generally stick to only three ways of pricing their Medicare rates. The first is attained-age related which is based on how old you are at the time that you hold the plan. As you continue to grow older, your rates will increase along with it. So at age 75 you will find that your rates will have dramatically risen compared to what you payed for originally at age 65.
The next means of pricing rates is through issue-age related pricing that bases itself on how old your are when you first invest in your Medigap plan. Initially it may start off relatively high, but it will not change as you grow older. The last method of pricing Medicare supplement rates is community-rated which is a collective pricing where an 85-year old would pay just as much as a 65-year old.