Are Medigap Premiums based off Income?

Medical bills can be frightening when you find that Medicare doesn’t cover enough of your expenses.

Medigap Insurance is a Medicare Supplement Plan. When you have this type of supplement insurance in conjunction with Medicare, it assists in covering the “gaps” in your current plan. Hence its name, Medigap. If you’re already covered by Medicare, you can get Medigap Insurance.

Medigap is made and created by private insurance carriers. However, it is federally regulated.

Can I afford a Medigap Plan?

Since Medigap isn’t a sole company and can be purchased from a private insurance carrier, there is no way to determine the exact cost of your plan. The cost of Medigap policies can vary widely, and there may be different prices in premiums for some of the same coverages, depending on the company.

However, when you look into Medigap insurance, you can inquire about the following to help with seeing just what a policy will cost you.

  1. Does the company offers discounts? Consider things such as discounts for women, non-smokers, or people who are married (as usually Medigap policies are priced per person). You can also inquire if there are discounts for paying yearly or discounts for paying your premiums using electronic funds transfer. If you go in armed with these questions, your agent will be able to give you the best deal and information about your Medigap plan.
  2. Is there a discount based on provider? Like a medical insurance “in-network” and “out of network” cost, you may want to see if there is a discounted plan for using only approved providers.
  3. Do they charged based on age? Some Medigap providers may have an “age-related entry” price, which is dependant on your age and not. The younger you are, the cheaper the Medigap premium, which won’t then inflate because of age. Some Medigap prices do increase the older you get, so it’s best to inquire before committing to a plan.

Interested in getting a great Medigap Plan?

Call this toll-free number: 1-888-686-1428 to speak to a licensed US agent about Medicare and Medigap plans! There’s no obligation to purchase a plan with us. We’re happy to help answer all of your questions about Medicare and Medigap.