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No matter which insurance company your Medicare Supplement plan is through, you will be able to visit any Doctor or Hospital in the country that accepts Medicare supplement plans. All Medicare Supplement plans, also known as MediGaps, are standardized by law. That means that all plans of the same plan letter offer the same benefits. A Plan F from Company X offers the same benefits as a Plan F from company Z.
However, the prices for the same exact plan with the same exact benefits can vary from company to company.
Although the benefits must be the same, insurance companies base their premium prices for a particular plan on various factors, so one company’s Plan F premium price may be different than another’s. For example, a Plan F with Company X may cost $85 per month, while the same Plan F through Company Z, with the same exact benefits, may cost $110 per month. Why pay more for the same benefits?
Premiums can also vary from county to county and state to state. It’s important to know how each state regulates companies’ pricing. The method of determining premium prices not only affects plans now – it also affects potential Medicare premium changes in the future. States allow insurance companies to price their plans either through:
- Community Rating: Everyone pays the same premium, regardless of sex or age. Changes in premium may be caused by inflation or other factors; or
- Issue-Age Rating: Your premium is determined by the age you were at time of enrollment. Although premium changes cannot be influenced by age, they can be influenced by other factors like inflation; or
- Attained-Age Rating: Your premium is determined by the age you currently are, which means the premium can be increased due to age. Premium changes occur as clients age, and may also change due to inflation or other factors.
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