It’s not that Medicare Supplements are exactly sneaky. All Medicare Supplement plans have standardized benefits so you can always tell what coverage is included with a Medigap Plan F, for instance. That, alone, makes it easier to compare plans.
The hidden price tag relates to Medigap plan pricing schemes. Some insurers base how your premiums will rise over time on your age. On top of increases related to inflation, your premiums will also go up just because you are getting older. Does that sound fair?
Other plans may be based on totally different pricing schemes. “Community-rated” plans don’t even consider your age when setting premium prices. These Medigap plan premiums are based on where you live and everyone in a specific geographic area gets the same rate. This type of pricing system does not raise rates as you age, but you’ll still have increases to keep up with inflation.
There’s a lot to learn about Medicare and Medicare Supplemental Insurance, but we offer lots of information online and you can listen to experts on Medigap Insurance with our free teleseminar on the first Tuesday of next month. Just visit out website and sign up for a live and relaxed look at the pros and cons of Medigap Insurance.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.