When purchasing insurance there are many variables and factors that one needs to take into consideration. What does the plan cover? Are their deductibles and co-pays? And often the most important question…. How much will it cost? Finding the lowest Medicare supplement insurance rates is not as easy as it might seem, however there is a process you can take to ensure that you will pay the lowest rates.
As you may have read in Medicare’s publication “Choosing a Medigap policy” Medicare supplements are rated in three different ways. These are community rated, attained age rated, and the Issue-age rated. While it is difficult to state which of the three always have the lowest rates, attained age rated policies typically to come in at the lowest premiums.
That being said not only should you check the premiums from all of the top companies when you are first enrolling in a Medicare supplement plan, but you or your agent must check rates each year. This is due to the fact that you will be likely getting annual rate increases and other carriers might have more competitive rates as the years go on.
Medigap Insurance carriers use a set formula to determine what the rate increases will be each year. These increases are based on the amount of premiums coming in as well as the amount of claims being paid out of the group. Your own premiums will never be increased based on your personal health claims, nor can your policy ever be taken away from you based on those claims. The only way you can lose your policy and it will not be renewed is if you do not pay your premiums on time.
The best way to find the lowest Medicare supplement insurance rates is to use our free quote engine on this website. Because not all carriers allow us to post the rates it is also a good idea that you speak with one of our agents who can show you every option available to you for the plan that you desire.
This is absolutely the best way to shop for Medicare supplements due to the fact that every company has the exact same coverage. Their premiums however, are not the same in fact may vary greatly. Add to that the fact that they all have rate increases each year and it makes finding the lowest rates a bit more complex.
Because a cost nothing to have an experienced, independent, agent to help you in your search it is advisable that you take advantage of this. Make sure they cover all of the options available and show you the rates from each company for the plan letter that you are interested in. As well you should inquire about past rate increases and the financial rating of the company. Then you may ask your agent what they will do to ensure that you stay with the lowest premiums available as the years go on.
Using the steps above you can ensure that you will always remain in the lowest Medicare supplement insurance rates that you qualify for. To get instant quotes on plans in your area simply enter your zip code below.