Now that you are 65 and enrolled in Medicare, you might find that you want a Medicare Supplement Plan to pay for the coverage gaps in Original Medicare. The first thing you need to do when deciding on a Medicare Supplement Plan is look at pricing. While Medicare Part A and B are government programs, Medicare Supplement Plans are sold by private insurance companies, and every company prices their Medicare Supplement Plans differently. However, in general, Medicare Supplement Plan rates come in 3 types: attained-age, issue-age, and community-rated. While community-rated is fairly simple – most beneficiaries pay the same rate as others living in the same area – the other two set prices based on age and differ in how they raise their rates.
Attained-Age Policies
An age-attained policy is the most common type of Medicare Supplement Plan. The premiums for this type of plan will start out at one price when you purchase the plan, and will gradually increase as you get older. The younger you are when you purchase, the cheaper the premiums will be. The price of these plans can also go up due to inflation and other factors. Some health care insurance firms will raise their prices more than others depending on their individual company costs and loss ratios.
Issue-Age Policies
Similar to an age-attained plan, issue-age plans also base their rate on the age you are when you are first issued coverage, or sign up for the plan. However, the prices of these plans do not go up because of your age, they only rise due to inflation or other factors. While the rate does not go up as you age, the rate will be higher or lower depending on how old you are when you purchase the plan.
For example, someone who buys a plan at the age of 70 will pay more for the same plans as a 65 year old beneficiary. If at 65 your plan’s premium is $140, it may stay at $140 (if there is no inflation) at age 72. However, if you enroll at 72, your plan’s premium might start at $190.
What to Consider When Buying A Plan
If you are thinking about buying a Medicare Supplement Plan, and are wondering about pricing, the first thing you need to remember is that you should try to buy a plan when you are healthy. Do not wait until you get sick to buy a plan, because it will cost you more – or worse, you could be denied coverage.
Second, you should be aware that you may not be able to choose what type of plan you can purchase. Certain states offer limited options: Florida, Georgia, Idaho, Arizona, Missouri, and New Hampshire, for example, only offer issue-age plans. 
Lastly, when it comes to choosing which plan is best for you, it is important to review how they are priced and exactly what they cover. Make sure you get the plan that meets your specific needs and budget.
Each private insurance company prices their plans differently, and you will need to do your research to know how each plan is priced. This can be a daunting task, but EZ.Insure is here to help. We will set you up with a highly trained Medicare agent who will go over all the plans in your area, and explain everything to you, for free! To get started, enter your zip code in the bar above to get instant quotes, or to speak to an agent, call 888-753-7207. No hassle, no obligation.
