To be insured with Medigap Insurance, you must pay a monthly premium or Medicare Supplement Insurance rate. These rates vary from plan to plan and company to company. Medigap rates also fluctuate yearly.
Some companies have different Medigap Insurance rates for specific parts of each state. Some states like Washington charge one flat rate for each plan. Although Medicare Supplement Insurance Plans have standardized benefit packages, the rates for these plans are subject to much variability. Standard benefits mean that all plans with the same letter designation offer the same features. For example, all Plan A’s cover Medicare Part A and Medicare Part B coinsurance. That is precisely why finding the lowest Medigap rate is the best way to go about selecting a plan. Price is essentially the only difference between plans of the same letter designation.
Once you find a Medicare Supplement Insurance plan within your budget, you should understand that that rate is subject to change year to year. Often times Medicare beneficiaries face many rate increases through the years of their Medicare policies. If you purchase a plan through a Medicare Supplement Insurance agent, they can usually monitor your current monthly premium and alert you when it increases. At MedicareMall we refer to this service as our rate watchers program. If your rate does increase we can help you quickly enroll in a Medigap Insurance plan with the same benefits, but at a lower rate.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or get a free quote today.