FAQ

Costs of Medigap policies | Medicare

each insurance company decides how it will set the price, or

, for their medigap policies. It’s important to ask yourself how an insurance company prices its policies. How they price affects how much you pay now and in the future.

Reading: What is the cost of medigap insurance

medigap policies can be quoted or “qualified” in 3 ways:

how to quote

The same monthly premium is generally charged to everyone with a medigap policy, regardless of age.

what this price can mean for you

Your premium is not based on your age. premiums may increase due to inflation and other factors, but not because of your age.

mr. Smith is 65 years old. he buys a medigap policy and pays a monthly premium of $165.

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mrs. Perez is 72 years old. she buys the same medigap policy as mr. blacksmith. she also pays a monthly premium of $165 because, with this type of medigap policy, everyone pays the same price regardless of age.

how to quote

The premium is based on how old you are when you buy (when you are “issued”) the medigap policy.

what this price can mean for you

Premiums are lower for people who shop at a younger age and will not change with age. premiums may increase due to inflation and other factors, but not because of your age.

mr. Han is 65 years old. buy a medigap policy and pay a monthly premium of $145.

mrs. Wright is 72 years old. she buys the same medigap policy as mr. they have. Since she is older when she buys it, her monthly premium is $175.

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how to quote

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The premium is based on your current age (the age you have “reached”), so your premium increases as you get older.

what this price can mean for you

Premiums are low for younger buyers, but increase as you age. they may be the least expensive at first, but can eventually become the most expensive. premiums may also increase due to inflation and other factors.

mrs. Anderson is 65 years old. buy a medigap policy and pay a monthly premium of $120. your premium will increase each year.

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