Medicare Medigap Plans?
What is the new supposed "Medicare Medigap Plan"? Talks are in the works that there will be a Medigap plan that is sponsored by CMS, Centers for Medicare and Medicaid Services. We will have more about this shortly but today's article will just go over the basics of how this "Medicare Medigap" product is supposed to work!
Medicare Medigap Plan
This Medicare Supplement issued by the federal government is supposed to still involve insurance agents just like the current insurance companies do. This product will probably stay somewhat competitive in the market if it ever takes place, since the government doesn't have to worry about losing money - because its tax payer money.
Medigap Pricing
As you can find on the Medicare Insurance Finders website pricing is handled federally but governed by each state. Community Age Rating, Issue Age Rating, and Attained Age Rating are the three different rating methods that are available for Medicare Supplement Insurance Companies to use.
To see Medigap Rates or Medigap Quotes by state click here to see if you could be saving over $500 per year on your Medicare Supplement Insurance. If the Medicare Medigap plan ever comes into existence Medicare Insurance Finders will offer the plan.
In my opinion is not fair for the government to start selling a product that they can lose money on but an insurance company must stay profitable. If the insurance company has to raise rates because of losses they are then beat up by the administration for having to raise rates. Everyone has their own opinion on this and I hate rate increases just as much as the next person and understand that seniors on fixed income have to really plan on how to make it when big rate increases arise, but it is not right for the government to compete without a budget.
We would appreciate any comments on this article to understand how you would feel if the government came out with their own Medigap plan?
MWG Senior Services and Medicare Insurance Finders helping you with your Life Insurance needs.