Choose Wisely: Your Medigap Plan Could Increase Up to 16.1% in 3 Years
Weiss Ratings analyzed over 150 insurance companies offering Medicare Supplement Insurance and found three plans that had significant rate increases across the 10 standardized plans. Weiss found 2018 Medigap premium increases ranging from .7 percent to as large as 9.7 percent in some plans.
Across the nation, Medigap premiums have an average rate increase of 8 percent over the last 3 years. Some of the plans have had notable high increases. For example, Medigap plan L rates for a 65-year old women revealed a three year total rate increase of 16 percent. Plan M increased 15 percent. And Plan C had the third highest increase at 10.7 percent.
That means you could expect to pay up to hundreds of dollars more depending on what plan you choose.
This doesn’t include the fact that there is still a huge variation in Medigap rates from insurance companies. Our analysis shows that you could be overpaying as much as $10,838 every year.
The history of rate increases is something to consider before selecting a plan. Medigap plan premiums may increase each year due to inflation, health care costs, and even plan popularity.
Be very careful when evaluating your Medigap options. You may also want to consider our personalized Medigap Report. It offers a complete list of nearly all insurance carriers in your area and what they are offering you right now for EACH Medigap plan. That data is based on your personal circumstances — age, gender, and zip code — and the report also provides each insurer’s Weiss Rating.