All Medicare Supplemental Plans, across all insurance companies, are standardized. Plan N at Company #1 offers the same benefits as Plan N at Company #2. Pick one that meets your health needs. Insurance companies cannot offer anything different than what should be included in a plan, but can decide how much to charge.
The best time to buy is during the open enrollment period. This lasts for 6 months and begins on the first day of the month in which you are both 65 or older, and enrolled in Medicare Part B. During these periods, an insurer cannot use medical underwriting. An insurer cannot refuse to sell any Medicare Supplemental Plans it offers, make you wait for coverage, or charge you more for a policy. The price of the policy is the same for people with health problems or people
without. If applying outside of this period, companies can base premiums on their medical underwriting requirements.
Insurers decide the rates of Medicare Supplemental Plan premiums, in one of three ways.
1. No-age-related: Premiums not based on age, same price regardless of age
2. Issue-age-related: Premiums based on age when policy purchased, lower for younger people, won’t change as person ages
3. Attained-age-related: Premiums based on age attained, and premium increases as person ages; can possibly be most expensive in the long run
Note: All rates can rise from inflation and other factors.
Decide between Medicare Supplemental Plans based on your medical needs. Next, choose the cheapest time to purchase the plan. Compare as many insurers as you can. Following these tips
will save money on your plan.