Page 118 - issue
P. 118
alternative premiums are generally IT SHOULD BE NOTED THAT SOME EMPLOYERS OFFER
more expensive for newer policyhold- MEDICAL COVERAGE TO THEIR RETIREES THAT PAY FOR
ers, but can be cheaper over time.
SOME OR ALL REMAINING MEDICAL COSTS. CHECK
In addition to age, premium rates WITH YOUR EMPLOYER TO SEE HOW YOUR PLAN
may vary by gender (male rates can be WORKS WITH MEDICARE TO LEARN IF
10 to 15% higher than female rates), zip YOU WILL NEED TO BUY A MEDIGAP POLICY.
code within a state, and smoker status
(smokers may pay 10% more than non- for any reason. approval to increase rates to offset
smokers). increases in medical costs (medical
Premium Rate Changes inflation and the cost of new technolo-
A number of companies have Your premium rates are likely to gies). Sometimes the amount of claims
begun to offer household discounts. change each year. The first reason is that they pay out exceed what they orig-
Eligible household members qualify that if you buy a policy with attained inally expected, and they request to
for a discount of 5 to 12%, depending age premiums, they will automatically increase rates by more than medical
on the company. Some companies increase as you age. inflation. While the state may limit the
require that two members of a family amount of increase that the company
purchase a policy in order to get the Companies also raise rates. Every can implement, rates will generally go
discount. Other companies only year, your insurance company must file up each year.
require than another adult lives with its premium rates with the state insur-
you at the time that you apply for your ance department. They generally seek (continued on page 126)
policy, even if the other adult does not
apply for coverage.
By law, Medigap policies are
Guaranteed Renewable. This means
that the company may not cancel your
policy for any reason aside from non-
payment of premium. Your rates can be
increased with state approval, but you
can’t be singled out for a rate increase
Security and Integrity LLC info@securityandintegrity.com
443-929-0096
Would you benefit from a clear explanation of Medicare’s gaps and your
options to fill them? Visit SecurityAndIntegrity.com to:
• Understand your share of costs under Medicare
• Learn about the Medigap market
• Download free rate comparisons
• And much more
Medicare Supplement insurance is our expertise and focus. ©WWW
Visit SecurityAndIntegrity.com today to see how we can help you make
an educated choice.
Moshe Nelkin Reuven Miller
114 u www.wherewhatwhen.com u
more expensive for newer policyhold- MEDICAL COVERAGE TO THEIR RETIREES THAT PAY FOR
ers, but can be cheaper over time.
SOME OR ALL REMAINING MEDICAL COSTS. CHECK
In addition to age, premium rates WITH YOUR EMPLOYER TO SEE HOW YOUR PLAN
may vary by gender (male rates can be WORKS WITH MEDICARE TO LEARN IF
10 to 15% higher than female rates), zip YOU WILL NEED TO BUY A MEDIGAP POLICY.
code within a state, and smoker status
(smokers may pay 10% more than non- for any reason. approval to increase rates to offset
smokers). increases in medical costs (medical
Premium Rate Changes inflation and the cost of new technolo-
A number of companies have Your premium rates are likely to gies). Sometimes the amount of claims
begun to offer household discounts. change each year. The first reason is that they pay out exceed what they orig-
Eligible household members qualify that if you buy a policy with attained inally expected, and they request to
for a discount of 5 to 12%, depending age premiums, they will automatically increase rates by more than medical
on the company. Some companies increase as you age. inflation. While the state may limit the
require that two members of a family amount of increase that the company
purchase a policy in order to get the Companies also raise rates. Every can implement, rates will generally go
discount. Other companies only year, your insurance company must file up each year.
require than another adult lives with its premium rates with the state insur-
you at the time that you apply for your ance department. They generally seek (continued on page 126)
policy, even if the other adult does not
apply for coverage.
By law, Medigap policies are
Guaranteed Renewable. This means
that the company may not cancel your
policy for any reason aside from non-
payment of premium. Your rates can be
increased with state approval, but you
can’t be singled out for a rate increase
Security and Integrity LLC info@securityandintegrity.com
443-929-0096
Would you benefit from a clear explanation of Medicare’s gaps and your
options to fill them? Visit SecurityAndIntegrity.com to:
• Understand your share of costs under Medicare
• Learn about the Medigap market
• Download free rate comparisons
• And much more
Medicare Supplement insurance is our expertise and focus. ©WWW
Visit SecurityAndIntegrity.com today to see how we can help you make
an educated choice.
Moshe Nelkin Reuven Miller
114 u www.wherewhatwhen.com u
