You might be wondering how your age affects your medicare supplement premiums. Medicare Supplement Premiums help pay for out-of-pocket costs.
You’ll find out how age affects your premiums as you read along. But first, let us define what Medicare Supplement Insurance is.
What is Medicare Supplement Insurance?
Medicare Supplement Insurance or Medigap is a plan that might cover costs related to health care that the Original Medicare does not cover. The costs that it might cover are as follows:
- Deductibles
- Co-insurance
- Co-payments
- Blood transfusion costs
Medicare Supplement Insurance helps cover the gaps in Medicare coverage.
Does Age Affect Medicare Supplement Premiums?
Yes, age affects Medicare supplement premiums along with several factors that might affect the cost of medicare supplement premiums. The following are:
- Your location
- Health status
- Gender
- Age
Medigap Policies are priced in 3 different ways.
No age-rated
It is also known as a community-rated plan. Here, premiums charged are the same for everyone regardless of their age. No age-rated means your premium is not based on your age. Premiums might go up due to other factors such as inflation. It is also the least expensive one over your lifetime.
Issue age-rated
Also known as entry age-rated, your premium is priced based on the age when you first purchased the plan. Generally, premiums are lower for the people who bought at a young age. Your premiums won’t increase even as you age with an issue-age-rated plan. But note that premiums might still increase due to inflation.
Attained age-rated
It means your premiums are based on your current age. As you get older, your premiums gradually increase too. These premiums are also considered to be the most expensive over your lifetime. It can also rise due to inflation and other factors.
Things To Know About Medigap Policies
Here are some things you need to keep in mind about Medigap policies.
- It would be best if you had both Medicare Part A and B.
- Medigap policy only provides coverage for 1 person. If you have a spouse, you need to purchase separate policies if you both want to have Medicare coverage.
- Medigap policies are renewable even if you’re suffering from health problems.
- You have to pay a monthly premium.
- You cannot take back your Medigap policy once you drop it.
Conclusion
Now you’ve gained insights into how your age affects Medicare Supplement Premiums. With its major advantages, it is worth the cost.
At Lapeira & Associates LLC, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we’re here to help you out. Learn more about our products and services by calling our agency at (855) 963-6900. You can also request a free quote by CLICKING HERE. Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!
