, or applies a different premium when you don’t have a guaranteed issue right (also called “Medigap protections”), or aren’t in a Offers discounts (like discounts for women, non-smokers, or married people discounts for paying yearly discounts for paying your premiums using electronic funds transfer (automatic payment from checking account or credit card) or discounts for multiple policies).The cost of your Medigap policy may also depend on whether the insurance company: For example, compare a Medigap Plan G from one insurance company with a Medigap Plan G from another insurance company. There can be big differences in the premiums that different insurance companies charge for exactly the same coverage.Īs you shop for a Medigap policy, be sure to compare the same type of Medigap policy, and consider the type of pricing used. The cost of Medigap policies can vary widely. Anderson’s because it’s based on his current age. She buys a Medigap policy and pays a $120 monthly premium. Premiums may also go up because of inflation and other factors. They may be the least expensive at first, but they can eventually become the most expensive. Premiums are low for younger buyers, but go up as you get older. The premium is based on your current age (the age you have "attained"), so your premium goes up as you get older. Since she’s older when she buys it, her monthly premium is $175. He buys a Medigap policy and pays a $145 monthly premium. Premiums may go up because of inflation and other factors, but not because of your age. Premiums are lower for people who buy at a younger age and won’t change as you get older. The premium is based on the age you are when you buy (when you're "issued") the Medigap policy. Issue-age-rated (also called “entry age-rated”) She also pays a $165 monthly premium because, with this type of Medigap policy, everyone pays the same price regardless of age. He buys a Medigap policy and pays a $165 monthly premium. Generally the same monthly premium is charged to everyone who has the Medigap policy, regardless of age. Medigap policies can be priced or "rated" in 3 ways: Community-rated (also called “no age-rated”) The way they set the price affects how much you pay now and in the future. It’s important to ask how an insurance company prices its policies. Each insurance company decides how it will set the price, or
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