Are Medicare Supplemental Insurance Rates Higher In My State?
Medicare supplemental insurance rates vary by state. Read on to discover how this might affect you and what you need to know!
The Medicare system is often cited for its confusing nature and difficulty to utilize properly. One of the pitfalls that many seniors or individuals with disabilities will run across is the fact that Medicare supplemental insurance rates vary by state and location within that state.
Will My Medicare Supplemental Insurance Rates Increase If I Move?
The short answer to this question is variable. Depending on the company they receive insurance through and the location that the individual is moving to they may very well have to pay a higher premium insurance rate. However, the opposite is also true. The premium rate may lower due to relocating to an area known for higher health and lower healthcare costs.
How Do I Determine Whether My Location Affects My Premium Rates?
The first action that should be taken is to determine whether the current location that the individual lives in will remain their state of residence for several years. If there is a possibility that a move is immanent then it will be necessary to contact the supplemental insurance company that provides their insurance. They will be able to determine any new costs for relocation. If there is no immanent move in the next few years it may be necessary to check with several other insurance providers to determine a general cost for premiums in the area. Insurance companies vary their premium rates in accordance with collected data. This data may not be the same for different companies. Companies that operate throughout an entire state may not provide coverage that is as reasonably priced as a local area only provider. Medicare supplemental insurance rates vary greatly and a savvy individual will check into several different providers before choosing one, no matter how long they have had insurance with a specific company.