What is a Medicare Supplement Plan?
Medicare Supplement Plans are affordable plans provided by private insurance companies to fill in the gaps left by regular Medicare coverage. Some of these gaps include private care & nursing, dental care & dentures, basic eye care, and long-term care. These are but a few of the restrictions that coincide with Medicare coverage. For more information on these gaps, Medicare hand books are available online and from your Medicare provider.
Are their specific criteria for rate changes?
For anyone shopping for a Medicare Supplement Plans, it is important to know the specifics of periodic rate increases. Rates on Medicare Supplement Plans usually change according to the particular subscriber‘s age bracket. In other words, rates for someone who is 65 will be different than those for some who is 85. This is done to accommodate the increasing medical needs of Medicare Supplement subscribers.
Are rate changes affected by the economy?
Rate increase on Medicare Supplement Plans also depend largely on the state of the financial market, increasing or decreasing with economic fluctuations. It is important for subscribers to these plans to be aware of the state of the financial market, as this information will likely trigger rate increases.
Will I be notified of rate increases?
Policy holders should be given adequate notice regarding periodic rate changes to their Medicare Supplement Plan. It is important for subscribers to be aware of the age brackets for rate increases, as this will help them to better understand when these rate increases will occur.
Before rate increases are imposed, they must be authorized by insurance regulators or the Division of Insurance. This is done to protect the consumer from unfair rate increases on Medicare Supplement Plans.