Why are Medicare supplement rates so different?

When it comes to Medicare supplement insurance it’s very difficult to find the best rates into doing it by yourself.  Because Medigap plans are standardized by the government they all have the same benefits within each plan letter.  However, each company has entirely different monthly premiums for the exact same benefits. Medicare supplement rates are easy to find if you know where to look.

Why do companies charge such different amounts?

While the plans are standardized from the government their premiums are not.  This actually helps create competition in the market however that is not the main reason why this occurs.  Medicare supplement rates are based on a few different factors.  These factors include things like the risk pool and the amount of claims being paid out of the group that you are in.  For example, if there are many health claims being paid out of a group the next year your rate increase might be higher than normal.  If there are not a large amount of medical bills and health claims being paid out of the group that you are in that your rates might be lower in each year.

How to make sure you pay the lowest amount

To make sure you pay the lowest premiums possible each year on your Medigap plans there are certain steps you should take.  Step number one is to work with an experienced, independent agent who knows the market well and can shop the rates every year for you.  While it’s important to get a rate that is as low as possible when you are first starting out you still need somebody to check the premiums each year as they go up.  It is not uncommon for somebody to change Medicare supplement companies many times throughout the years that they are on Medicare.  Because you do not have to pay any fee for an agent’s help there is no good reason why you should not take advantage of this opportunity.

Always get quotes from multiple companies

Because these companies all have the same coverage it is very important to get quotes from each one.  You will find that these companies charge very different premiums for the exact same coverage.  Therefore you could end up overpaying a great deal by choosing the wrong company.  This website is designed to help you get quotes instantly to see which plans will save you the most money and from which companies.

To get instant Medicare supplement rates simply enter your zip code in the box below.  You can then compare plans and premiums from the top companies in your area.