What are the key factors to consider when choosing a company to purchase your Medicare supplement plan from?
Most people only look for the lowest priced Medicare supplement when they are shopping for a plan. While price is important there is one other very important factor that is often over looked. That is, the companies premium stability. The reason premium stability is important is because, if you purchase a Medicare supplement plan and for example, your premium is $130 per month, then in two years your premium has went up to $180 per month that’s very unsettling. The other problem with that is if your premiums go up that high, and you’re not in good health you won’t be able to change to a different Medicare supplement company. The only exception to that is if you live in one of the following states: NY,CT,MO,CA,OR,WA. A lot of people are misinformed that they can change their Medicare supplement at the end of the year regardless of their health, which is absolutely not true. Even with the Affordable Care act that was recently implemented, that does not affect Medicare supplements. So, all that being said, Premium stability is very important when choosing a company to go with because when your health changes, you want to be sure your premiums aren’t going to go through the roof if you can’t change.
Industry standard for Medicare supplement premium increases is between 10-20% per year for most companies.
Here at Medicarecost.net, we recommend Medicare supplement companies that have kept their premium increases under 10% every year, along with having a minimum of a five year track record of premium stability. The track record is important because until a company establishes themselves over several years, we have no idea how their premiums will look once they get a large number of policy holders.
Our goal here at medicarecost.net is to earn your business from day one, and continue to earn it for many years to come.