Surprising facts about Medicare Supplement Insurance Company plans.
Deciding which Medicare supplement insurance company plan is right for you can be mind-boggling in and of itself. There are many considerations, based on personal finances, whether or not an individual has a chronic or on-going illness and the amount of coverage needed. It’s at this point that most people will contact an insurance company knowledgeable in Medicare supplement plans.
Medicare supplement plans are regulated by both the federal and state governments. This means that all Medicare supplement plans are exactly the same, regardless of where they are purchased. There are 10 plans, starting with the plan having the least number of benefits, Plan A, and continuing through Plan N. Plans E, H, I and J are no longer available. Three states, Massachusetts, Minnesota and Wisconsin have their own state regulated policies that must be used.
There are three types of pricing for these policies. The first, called Community-Rated will cost you the same as everyone else that buys this policy, regardless of age. The second, Issue-Age-Rated Policy, will cost more the older you are when it’s issued. The third, Attained-Age-Rated Policy has premiums based on the age you are when first purchased. The premiums go up the older you become. This can end up becoming very expensive.
Some companies give discounts to women, non-smokers or married couples. Premiums are often less if a high-deductible plan, or a Medicare-Select plan is purchased. All these reasons are why you want to shop around. Don’t base your decision on just one quote, get several prices. You can save money.