Medicare Supplement Insurance Quotes
My grandmother called last week asking me to help loo up better rates for her Medicare supplement insurance. This is a typical tradition that we follow every few years when her Medigap rates have increased.by 20% of what they were when we first signed her up for the Medigap policy. Some times seniors can view this as rate increase island which happens most of the time in attained age Medicare supplement states. So how do you fight against these rate increases?
Medicare Supplement Insurance Rate Increases
Medicare Supplement Insurance typically will experience rate increases each year (like most insurance). With inflation on health insurance increasing each year, the cost of medical supplies, doctor salaries, and all the other expenses that tend to go up each year it would be a little unfair to expect health insurance premiums not to increase as well.
However, in the senior market Medicare Supplement Insurance will usually see rate increases every year in attained age states. Part of the reason for this is that Medigap insurance rates will start out low for those just coming into Medicare but will increase as one ages, which is the definition of attained age.
How to deal with rate increases?- The first thing we recommend on combating the rate increases that you can receive with Medicare supplement insurance is to review your policy every two years. When you are comparing Medicare Supplement Plans compare them through Medicare Insurance Finders and make sure you are not overpaying for your rates. If you are paying over 15% more than the lowest carrier's premium it is probably worth considering changing your Medigap policy.
- Stay healthy. Similar to Long Term Care insurance, you do not buy the policy with your money but with your health. In most states, switching or changing Medicare Supplement policies is possible only if you can qualify. Meaning there are health questions upon health questions with most carriers that are required when enrolling in a plan. Only a health individual can usually switch insurance plans, unless the new federal health care laws end up regulating Medigap insurance.