Most of the time, your age, gender, whether you use tobacco and your zip code factor into what you’ll pay for a Medicare Supplement plan. That’s just the “tip of the iceberg” when it comes to pricing schemes for Medicare Supplements. Standardization means that every Plan A includes the same benefits whether it’s available from a well-known insurer or a relatively unknown insurance company. Paying higher premiums won’t get you extra coverage. You’ll have to change to a plan with a different letter to change your benefits. Help for this change can be found at https://www.medisupps.com/mutual-omaha-medicare-supplement-plans-2018/
In spite of this, insurers do charge inexplicably different prices for Plan A, Plan B, etc. The only way to know you are getting the best rate for the plan you pick is to get estimates from lots of different companies. That’s where the Internet comes in handy. Several websites offer quotes on plans from different companies and frequently provide personal assistance to help you compare plans.
Medicare supplement Plans 2019 can be priced based on different models and the lowest price may not serve you as well as you’d like. That’s because you’ll have less opportunity to change plans if your health deteriorates over time. When you’re turning 65, an open enrollment period guarantees you can get the standard rate with no increases or exclusions for pre-existing health problems. Unfortunately, the cheapest plans when you’re 65 may not be best-priced plans a decade later.
The pricing model that increases premiums based on age is known as Attained Age Rated. It’s tempting because it really does offer low rates for 65-year-olds. It’s a risk because your premiums will increase not only based on inflation, but just because you inevitably grow older. By the time your premiums are higher than those of other plans based on different pricing models, your health may not allow you to move to less expensive plans. That means you either have to pay higher rates or give up supplementing Medicare and pay for a lot of health care out of your own pocket. Another pricing model is known as Issue Age Rated, but it’s not very common. Pricing is based on your age when you apply for a plan and rates don’t increase just because you get older. Rates do rise with inflation, though. These plans typically cost less if you apply at a younger age. It may not be readily apparent which pricing model has been applied to the plans available in your area.