AARP Live takes your questions tonight about veterans benefits and scams. Join us at 10 p.m. ET on the RFD network.
Reply
Highlighted
Valued Social Butterfly
2
Kudos
198
Views
0
Replies

HOW TO CHOOSE THE BEST MEDIGAP PLAN - Consumer Reports

198 Views
Message 1 of 1

This Consumer Reports article was 1st written in 2014 but has been updated in April 2017 so pretty current.  It gives some important info - things to compare to keep down your cost now and into the future.

 

HOW TO CHOOSE THE BEST MEDIGAP PLAN - Consumer Reports

 

 A tidbit of the info -

 

The type of premium pricing method you choose will affect your future costs


A policy that looks inexpensive when you first buy it at age 65 could end up being the most expensive when you hit 80.

 

Insurance companies use three different ways of setting premium prices. In some states you may have a choice of only one or two.

 

Community-rated (also called no-age rated).

The same premium is charged to everyone, regardless of age. Medigap experts say these plans are the least expensive over time, though not necessarily when you first purchase them.

 

Issue-age-rated.

The premium is based on your age when you buy the policy. It won't go up as you age, but will increase due to cost inflation.

 

Attained-age rated.

The premium starts low but goes up as you get older. Over time, this type of policy is the most expensive.

 

You can always ask which of these three the policy you are considering is using.

 

 

Report Inappropriate Content
2
Kudos
198
Views
0
Replies