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When approaching age 65, many individuals begin to receive a great deal of literature and information regarding Medicare Supplement insurance. Prior to making a selection on which Medigap policy is best for your needs, it is important to become familiar with what each of the plans offers, as well as to research policy quotes.
There are several ways to obtain quotes on Medicare Supplement insurance policies. One way to do so is to work directly with an insurance company or agent who specializes in this type of coverage. In doing so, you can obtain premium information, as well as ask additional questions regarding coverage and benefits. You can work with licensed Medicare Supplement agents either in person or over the phone.
Many insurance brokers who focus on the Medigap area have the ability to obtain quotes from several different insurers, allowing you to compare policy premiums, as well as the ratings and other important informationabout the issuing insurance companies. By being affiliated with numerous insurance companies, these brokers can provide you with a more unbiased opinion of which plan may best fit your specific needs.
You may also be able to obtain Medicare Supplement quotes online. The vast reach of the Internet today has allowed Medigap insurers to place quote forms directly on their websites. By answering just a few basic questions, you can receive information on the various policy offerings quickly and easily. This can also help you to more easily compare which companies offer the lowest – and the highest – rates. There is typically no obligation to purchase a policy on which you have obtained a quote. To find a list of insurers offering medicare supplemental quotes in your state enter your zip and browse a list of qualified providers.
How Medicare Supplement Quotes are Determined
When determining the premium on a Medicare Supplement insurance policy, insurers have three primary ways in which they price their plans. These include:
Attained Age Rating – Using attained age, insurers base the policy quote on the age that you have attained. This means that all policy holders of the same age will pay the same premium amount for their coverage. Using this method, younger policy holders will typically pay a lower rate than those who are older.
Issue Age Rating – When using issue age for determining rates, the premium amount will be based upon the age that the policy holder is when he or she is actually issued a policy. While the premiums on issue age rated plans will not generally go up as the policy holder ages, they may increase based upon inflation and other factors.
Community Rating – Policies that are community rated – also referred to as “no age rated” plans – have the same rates for all policy holders. Similar to with issue age rated policies, these plans will not increase in price due to a policy holders age, however, other market and economic factors may cause premiums to rise. One such factor is the amount of claims that are being paid out for policy holders of a particular Medicare Supplement plan.