Do Medigap Premiums Increase with Age?

Are you considering a Medigap plan and wondering how the premiums might change over time? Understanding Medigap premiums and their potential increase with age is essential for planning your healthcare coverage. Bourgeois Insurance LLC, located in Thibodeaux, Louisiana, is here to help you navigate this topic.

Understanding Medigap and Medicare Supplement Insurance

Medigap, also known as Medicare Supplement Insurance, is designed to cover some of the out-of-pocket costs not covered by Original Medicare. These costs can include copayments, coinsurance, and deductibles. Most importantly, Medigap policies are offered by private insurance companies and can help provide peace of mind as you age.

How Medigap Premiums Are Determined

The premiums for Medigap plans can vary based on several factors. Here are a few key points:

• Community-rated: Premiums are the same for everyone, regardless of age.

• Issue-age-rated: Premiums are based on your age when you buy the policy. Rates are lower if you are younger and do not increase as you get older.

• Attained-age-rated: Premiums start low but increase each year as you get older.

Why Medigap Premiums Increase with Age

Many Medigap plans have attained-age-rated premiums, meaning they start low but increase over time. As you age, healthcare costs generally rise, which can lead to higher premiums. Additionally, some private insurance companies may also increase premiums due to inflation and other economic factors.

Comparing Medigap Plans and Premiums

The cost of a Medigap plan can vary significantly between insurance companies. It's important to compare Medigap plans available in your area to find the one that best suits your needs and budget. Here are some steps to compare plans effectively:

• Check the monthly premium costs for different plans.

• Get quotes from multiple private insurance companies.

• Review the benefits offered by each plan.

Initial Enrollment Period and Medigap Plan Costs

Applying for a Medigap plan during your Initial Enrollment Period (IEP) around the time you turn age 65 can lock in lower rates. During this period, you have a guaranteed issue right, which means you can buy any Medigap policy available in your state without medical underwriting.

Speak to a Licensed Insurance Agent

Choosing the right Medigap plan can be complicated, but a licensed insurance agent can provide valuable assistance. They can help you understand your options, compare plans, and explain how Medicare Advantage Plans may also factor into your decision. At Bourgeois Insurance LLC, we are dedicated to providing personalized service to our community in Thibodeaux, Louisiana.

Contact Bourgeois Insurance LLC Today

If you have questions about Medigap premiums, Medicare Supplement Insurance, or how premiums might increase with age, our team is here to help. Call Bourgeois Insurance LLC at (985) 227-4392 to speak with a licensed insurance agent and get the information you need to make an informed decision. Our experienced agents will assist you in finding the best plan that fits your needs and budget.