Comparing Medigap Rates
As you shop around for Medigap rates you may start to wonder, “Just how are they coming up with these prices?” Medicare Supplement Insurance companies base their premium price on different factors, but there are three main characteristics that determine your rate.
Residence-If you’ve ever used our quote form on our site, you’ll notice that the first box asks for your zip code. This is because rates for Medigap Insurance vary from state to state. Rates can also fluctuate within the state.
Age- After you turn 65, your premium price will usually increase with age. This also depends on the pricing structure of your plan. See our blog post on premium pricing methods.
Gender- For a man and woman of the same age, insurance providers will usually grant lower rates to women than men.
Tobacco- You will be quoted a higher Medigap rate if you are a tobacco user. The rule is if you’ve stopped using tobacco for a least one year before you can become eligible for cheaper Medigap quotes.
Payment- If you’re willing to have your premium automatically deducted from a checking account, sometimes Medigap companies will offer a lower rate. This lowers administrative costs associated with monetary transactions.
Most of these factors are beyond your control, but it helps to know why you’re being asked such things as age and gender. To get the lowest rate, use an expert that can collect this information from you and give you a quote on the Medigap rate that is specific to you.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or use our instant quote below.
