Smart Shopper Insurance
Estate Planning Attorney Joseph Hudack knows that Medigap premiums for plans from insurance companies offering the same benefits vary widely, so it pays to be smart shopper insurance.
Federal law requires that each insurance company offers the same benefits for each of the Medigap plans lettered A through M, but each company sets its own premium rates.
A Medigap insurance company sets premiums in three ways:
- Community-rated, where the premiums are the same, regardless of age
- Issue or entry age-related, where premiums are cheaper if purchased at a younger age
- Attained-age-related, where premiums are based on your age at the time of purchase
When choosing a Medigap plan, compare each plan’s benefits and the price for each company’s plan. Consider your current health status, what your health care needs might be in the years to come, as well as your future health care budget.
Insurers will also consider the state and city where you live. The American Association for Medicare Supplement Insurance Price Index reports found the cost in 2022 of a Plan G policy, the most popular Medigap plan, was $99.24 per month in Dallas, Texas, versus $278.25 per month in New York City.
When shopping for a Medigap policy, get quotes from two or more insurance agents working for different insurance brokers. Every insurance broker may not represent all the insurers offering a plan in your state or city.
It may take time to shop around, but the money you save can be worth it.
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For more information, go to Hudack Law Estate Planning Attorney and areas of service. We proudly serve California and Arizona; please call our California line at (877) 314-4309 or our Arizona line at (602) 777-7882.