Contrary to popular belief most Medicare supplement rates in 2014 will not change just because a new year has started. Depending on how your current policy is rated you will likely receive a rate increase on the anniversary of which you signed up, or perhaps on your birthday if it is an attained age policy.
That being said you should be aware of the fact that you may change your Medicare Supplement plan at anytime throughout the year. Therefore if you do in fact get a rate increase, regardless of what time of year it occurs you may apply for a plan with another company.
Because many people are analyzing their finances at the end of the year, this might be a good time to also re-evaluate the Medigap plan you are on. For instance, if you are currently on a Medigap Plan F you are likely paying too much for your coverage compared to Plan G. The only difference between the two plans is who pays the annual Part B deductible. This deductible averages around $150 each year, and while a Plan F pays this for you in all reality you are simply paying much higher premiums for them to write a check for you with your money.
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Plan G pays 100 percent of the gaps in Medicare just like Plan F, however you are required to pay the Part B deductible each year yourself before Medicare or the plan begin paying. By doing this you can likely save quite a bit of money overall on your premiums.
Different Ratings of Plans
There are any different plans out there and they offer some of the same basic coverage. But if you look at them a little bit more closely than you will see that they are not all the same. They may have the same benefits, but the one thing that does change is the premium.
There are three rate different ways Medigap plans are rated.The first one is known as the community rated plan. The same rate is offered to all of those within the same area, regardless of age or illness. Now this one might sound intriguing, however these types of plans often carry a much higher premium. Just because the same low monthly rate is being offered to everyone doesn’t mean that it is right for everyone.
The next rate you will probably see is known as the issue-age rating. The issue-age rating is based upon the age at which you buy into the policy. This rate will not change because you get older, so it’s advise that you buy into it a young age. Premiums will go up every year based on inflation. This is good for those who are relatively healthy. If something happens to them down the road the policy rate will not change at all.
The final one is the attained-age policy. These policies are set based on your age. For each year you are enrolled, the premium will go up. These premiums typically start at the lowest amount in most areas, and rate increases are determined each year by age as well as economic factors.
Regardless of which rating your plan has, it’s best to use an independent, experienced agent to check the rates from all the top carriers each year for you. To get instant, online Medicare Supplement Rates for 2014 from top carriers in your area simply enter your zip code below.