Many Medicare subscribers who are on supplemental plans feel like they may lose some of their essential coverage if they try to switch to a different carrier. But that’s not something that should worry you. If you have Plan F or any other supplement plan, and you switch to the same letter plan from a different carrier, your coverage will stay exactly the same. The only thing that will change is the Medicare supplement rates in 2018 that you pay.
The only way your coverage is going to change is if you switch letter plans, from something like Plan F to Plan G, or if you change locations. Other than that the plans are identical. For example an AARP Medicare Supplement plan F is identical to a Mutual of Omaha Plan F. Their rates each year, however, are extremely different for the exact same coverage. That’s why you should get quotes from Multiple carriers in 2018 to see how much you can save.
Should You Switch Companies?
And switching carriers can be great for your financial situation, and many of them offer far lower prices than some of their competitors. But you should also know that many carriers don’t just have a set rate for each plan. They may also offer rated plans that allow you to customize how much you pay over time.
There are three ratings that can affect Medicare supplement rates for 2018. These are community, attained age and issue age.
With a community-rated plan, you will only pay as much as the rest of people in your designated community. Whatever rate they pay is what you will pay, no matter your age. This rate increases in time, usually annually, but it increases for everyone simultaneously within the same community.
You can have a rate that stays the same from the moment you are approved for it. This would be through an issue age premium. The rate you pay is dependent on the age you were approved for the premium. After that, your rate will never increase because of your age. It will increase based on risk pool and economic factors. If you switch plans or carriers, then your rates may change.
You can start off with a low-cost premium, if you like. These are known as attained age premiums, and they gradually increase as you age. You might pay more over time, but it can be a great way to reduce your costs initially. Smart shoppers will check the rates each year to be sure they’re always paying the least amount possible for their coverage.
Can You Switch Plans?
You can actually switch Medicare supplement plans at any time during the year if you have one now. If you are outside any open enrollment period or a guaranteed issue period then you will have to go through medical underwriting in most states. This means answering questions on the application of the new carrier and having to be approved. Some states like California have a birthday rule where you may switch each year within 30 days of your birthday with no medical underwriting.
Watching the Rates
Know that rates are going to increase over time if you are not on a plan. If you haven’t subscribed to a plan yet or you are looking to change a plan, then you should keep checking the rates to see how they have changed over time. We offer a free method of receiving quotes on all the plans you are interested in. On our website is a free quote generator that gives you instant quotes from all the major insurance providers in your area. You can use it as often as you like to determine how much you are going to have to pay in Medicare supplement rates for 2018 when you finally get the plan you want.
Compare Medicare Supplement Rates for 2018 Online
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