You could be saving big money on your medical expenses by using a supplemental plan. Medicare Supplemental insurance in 2016 works in conjunction with your current Medicare policy, adding more coverage to what you already have. For some people, these additional coverage plans give them a way to save quite a bit of money each year.
This is particularly true for people who choose the right kind of rating for their insurance plan. These supplemental plans can come with any of three different ratings. The ratings determine how the rates change over time.
Community-rated plans increase over time, but they increase at the same rate for everyone within a certain area or community. What the insurance companies consider to be communities can actually be very large, often compassing entire states. And no matter what your age is when you sign up for the plan, you will have the same premiums to pay as everyone else within your community.
With an attained age rating, your plan will increase for every age milestone you reach. These milestones are set by the individual insurance companies. So they could occur every five years or every ten years. And whenever you reach a new age milestone, your premiums will increase to a specified amount.
The final one is called issue-age rating, and it does not change. This kind of rated plan tends to start out with some high premiums, and it maintains the same rate throughout the policy holder’s lifespan. No matter how old you become, the premiums you pay on Medicare Supplemental insurance will not raise because of your age. They will however go up due to economic and risk pool factors.
To qualify for one of the supplemental insurance plans, all you have to do is have a current Medicare plan and be at least 65 years old. You can sign up for these plans at any time after you meet both criteria. And you can change your plans whenever you feel like it. But it is best to sign up as early as you can.
That’s because during the first six months of you turning 65, you enter a period known as open enrollment. This is a window of time that guarantees that you will be approved for the Medicare Supplement Plan of your choosing. And the insurance companies cannot raise your premiums beyond the base amount at this time, regardless of any preexisting medical conditions. This is the best time to apply for the plan of your choice.
And the earlier you apply, the more you can save, as you can get your rates locked in low before they increase. You will likely have medical bills to pay at this time anyway, and it’s a good idea to reduce them as much as possible while paying the lowest rates available.
If you wait too long to sign up for plans, your medical conditions can change, and you may have to pay increased rates because of them. Signing up early for Medicare Supplement Insurance for 2016 is the best way to ensure that you are paying the lowest possible prices.
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