Costs And Enrollment Factors Of Medicare Supplement Plans

One will have to pay separate premiums when it comes to Medigap. The premiums differ from one policy to another. One may have to pay different premiums when the polices are bought from different companies. The premiums are decided based differently, based on these three points:

·         Issue age-based: premiums are decided by the issuing age. Lower the age, lower will be the premiums.

·         Community-based: in this, all the people who buy a certain policy type tend to pay the same monthly premium.

·         Attained age-based: in this, the premiums are based on the current age of the insured. As one grows older the premium increases too.

Enrollment for Medigap plans

Enrollment for the Best Medicare supplement plans is done within the enrollment period most of the time. Medigap plans are not applicable for families, but only for a single person. Even spouses need to buy different policies. Also, having the part A & B of Medicare original plan is a compulsion.

There are a few plans that have been discontinued like C/E/H/F/J/I/. New Medicare and Medigap buyers are not eligible for these plans. However, the one who already have them they get continuous benefits of these plans without any lapse or break.

The ones who are under 65 years of age are not eligible to get these plans. One needs to be 65, or above 65 with both parts of the Medicare original plan to buy Medigap. The enrollment for Medigap Plans happens during the open enrollment period which is for almost 6 months every year.

For more information click here https://www.youtube.com/watch?v=7Zo3jhaE8JM&t=1s