Medicare Part A and Part B

A good place to start comparing Medicare supplemental plans is the Medicare online plan search tool.

Here are some other important facts you should know:

You must have Medicare Myaarpmedicare.com/Rewards2019 Part A and Part B to enroll in Medigap policy.

If you have a Medicare Advantage plan, you can apply for a Medigap policy, but be sure to leave the Medicare Advantage plan before your Medigap policy begins.

You pay the private insurance company a monthly premium for your Medigap policy in addition to the monthly Part B premium that pays Medicare.

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A Medigap policy only covers one person. If you and your spouse want Medigap coverage, each will have to buy separate policies.

You can buy a Medigap policy from any insurance company licensed in your state to sell one.

Any standardized Medigap policy is guaranteed as even if you have health problems. This means that the insurance company can not cancel your Medigap policy while paying the premium.

Some Medigap policies sold after the prescription drug coverage, but Medigap policies sold after January 1, 2006 can not include prescription drug coverage. If you want prescription drug coverage, you can enroll in a Medicare prescription drug plan (Medicare Part D)

COST OF MEDICARE SUPPLEMENT

Insurance companies set Medigap policy prices in 1 of 3 ways:

Age rating reached: this is the most common way that policies are quoted in California. Policies classified by age increase in price as you get older, because as you get older, you usually need more medical care. Some companies increase the premium each year; Others increase the premium every 4 years according to age.

Emission age classification: the premiums in these policies are based primarily on your age when you purchase the policy. Unlike the age rating policies achieved, the emission age classification policies do not increase in cost simply because they age. However, your premiums may increase for other reasons, such as inflation.

Classification of the community: this is the least common way in which the policies are quoted in California. No policy qualified by age or community costs the same to all members, regardless of age. Within this structure, younger members can pay more than they would pay for other policies, and older members can pay less.

Regardless of the type of price used by your Medigap insurer, the price will likely increase each year due to inflation and rising health care costs.

As a general rule, premiums that are based on both age and increase in medical costs generally increase faster and at a higher rate than other premiums.

Next, as an example, you will see the F-Plan and N-Plan premiums for 5 popular insurance companies that offer a Medicare supplement plan. The first shows the monthly premium at age 65 and the second shows those rates for a person of 70 years.

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