Medigap Insurance – Rates Vs Benefits
Don’t purchase a plan based on its low premium/rate. Below are a number of important points to look into with any insurance company:
- Community-rated (also called No-Age-Rated). The same monthly premium is charged to everyone who has the Medigap policy, regardless of age. Premiums are the same no matter how old you are. Premiums may go up because of inflation and other factors.
- Issue-Age-Rated Policies. The premium is based on the age you are when you buy (are “issued”) the Medigap policy. Premiums are lower for younger buyers and won’t change as you get older. Premiums may go up because of inflation and other factors.
- Attained-Age-Rated Policies. AARP rates are based on your current age (the age you have “attained”) so your premium goes up as you get older. Premiums are low for younger buyers, but goes up as you get older and can eventually become the most expensive. Premiums may also go up because of inflation and other factors.
Low, stable, annual rate increases. . You don’t want to purchase a plan with an average annual rate increase of 12%. The annual rate increase will quickly make up for that low premium during your first year.
Excellent claims service. Being with a company that is known for taking 5 weeks+ to pay up its claims can be very nerve wracking) AARP takes aproximately. 7-10 days (which is really good for an insurance company).
Someinsruance companies will provide you with a number of value-added services at no additional cost, e.g.
- 24-Hour Nurse Healthline
- Vision Discounts
- Prescription Discount Program (this is not a Prescription Drug Plan)
- SilverSneakers (SilverSneakers gives members free access to health center amenities such as treadmills, weights, heated pools, and fitness classes (taught by certified instructors) that are included with a basic membership.)
Medical cover is a common nightmare for many people in these times due to the high costs of medication. Operating different plans often demands for a chunk of your income and on a regular basis too. This should be reason enough for every body seeking a plan to take a deeper look at the available plans before committing to any.
As the cost of the plan is always the first thing in mind when trying to get supplemental insurance, it had better be taken with the seriousness it deserves if the policy holder is to benefit from it without having to incur expenses that he/she cannot honor.
A good number of people in their senior years develop numerous health related complications that require the presence of a good plan in order to cushion them against any extra expenses in medical services. The government medical coverage in many cases might fall short of the entire range of needs that an individual may require to be covered.
When going for Medicare advantage plan, it is important to start by analyzing what your ordinary government cover provides and what it does not so that you can set your goals straight when you choose a plan to supplement the government plan without duplicating roles.
It is however important to note that the premiums payable for different plans might differ from company to company depending on a number of factors. Each company has its selling point and they give incentives towards specific areas. This however should not mean that the Medicare coverage from might have different features, the truth is that there is a standardized set of obligatory roles that the plan has to cover but each company might give a few additions to the set standards or basic benefits.
In order to get a reasonable quote for a Aetna medicare supplement, the timing must be done wisely to avoid chances of your application being rejected due to some existing conditions. Even though so many companies could be able to offer you a policy even with some pre-existing conditions, it is advisable to go looking for a policy at a point in time when you do not have any medical complications getting the better of you.
Finding the Best Plan
By ensuring you are in good health at the time you go looking for a cover, you will give the company very few options at trying to fix you with higher premiums. Since every company prefers to carry out their own medical checkup on the applicants to be sure of their current medical status in addition to looking for a medical history with the hope of taking precaution not to take over a case that might end up costing them more than they hope to gain out of the policy.
Taking some time to reflect on the possibility of paying more to the plan should the doctor present charges that are higher that the policy can cover is also important. This is because when the policy fails to take care of the full amount accrued in hospital expenses, you might find yourself stuck with a huge bill if you do not have alternative plans.