Rates for Medigap plans are ever changing. You won’t find the same rates from all the different insurance companies, and you won’t find the same rates year after year. So 2019 Medigap rates could be very different from the kind of rates you are seeing now. These rates are in a state of flux at all times, and you really have to keep up with them if you hope to find the best one.
It’s not just a matter of choosing the right plan for you. The plan that covers you the best could be out of your price range if you aren’t taking the time to compare rates and get a good deal. Some insurance companies charge far more for the same plans (that come with the exact same coverage) as other companies. These can even be companies that operate within the same areas.
Because many Medicare subscribers do not take the time to compare rates and find good deals, many insurance companies can take advantage of them and offer rates that are far higher than the national average. And Medicare subscribers simply don’t know that they are being ripped off because they are not doing the research and finding the lowest rates.
As important as it is to choose a supplemental plan that fits you well and covers what you need it to cover, it won’t do you much good if you are paying a lot for it and not getting the best deal possible. That’s money lost that you can’t get back, and you need to try to make the best decision right from the start. You can only do that if you compare the 2019 Medigap rates.
You could end up paying a far different price (either lower or higher) than people you know who are signed up for the same plan. They will be getting the same coverage as you, but the price they pay for their plan could be much different. That’s because the supplemental Medigap plans operate on two different levels. They essentially have two governing bodies.
First of all, Medicare controls the coverage. Medicare decides what level of coverage each plan gets and which supplemental expenses they cover. This onlay changes as Medicare makes changes. They will notify all Medicare and Medigap subscribers about coverage changes long before they actually implement them, so you can see them coming.
Secondly, the insurance companies, the private providers that sell the plans, get to control the rates. They decide how much to charge for each of the supplemental plans. They can also decide how many and which ones of the plans they will sell.
So Medicare can’t touch the 2019 Medigap rates, and the insurance companies can’t touch the coverage. It’s been this way for a very long time, and it will continue to be that way. You can choose your coverage plan and not take any care for what the rate is. You just choose the best plan for your needs. When it comes time to buy that plan, then you should have an idea of what the rates are for that plan. Coverage and rates are separate, and you want to find the best of both separately.