If a Medigap policy holder is wondering if there is a cheaper Medicare supplement plan out there, he is not asking himself the full question. He needs to ask himself is there a cheaper Medicare supplement plan than the one he has.
The answer to that question depends on the premiums that he pays, the company he is with, and the type of policy that he has. For most people, the answer to the question for most people is that there is a cheaper plan. A cheaper plan is not always the best plan.
The cheapest Medicare Supplement Plan is either level-rated or issue-age rated. Issue-age rated policies generally cost less because the plans are based on the age when a person buys the policy. Sometimes, although this happens rarely, level rated plans cost less than issue-age rated plans.
The second thing in determining if there is a cheaper Medicare Supplement Plan is comparing the prices for different plans. Ideally, a person should compare the prices when he enters his open enrollment period or if he has guaranteed issue rights. Of course, he should also do this when he moves or finds that he can switch his Medigap policy.
If a person does not have the cheapest Medigap plan, he does not need to worry too much about the price. Most companies have competitive rates to attract as many customers as possible. Having a slightly higher rate should not affect a person’s overall finances a great deal over the life of a policy.
There is probably cheaper Medicare supplement coverage than a person on a plan has, but there is no guarantee that a person can find it. Be sure to shop around to get the prices.