Medicare Supplement Plan Trends in 2017 – Shop Your Coverage
There aren’t any significant changes in the Medicare Supplement (Medi-Gap) Plans in 2017; however, that doesn’t mean cost savings aren’t available to those willing to shop coverage. While the Medicare Supplement Plans are standardized, meaning a Plan F for example from AARP will have the identical coverage as a Plan F from Anthem Blue Cross, rates can vary widely. This can mean Medicare recipients can be paying, in some cases, 50% more than is available with another company. Additionally, while almost all Medicare Supplement plans rates increase each year due to inflation and increasing overhead costs, not all company’s annual increases rise by the same percentage. Generally, and on the average premium cost rise 3-5% annually. Occasionally, however, some carriers have a rate increase as high as 15 to 20%. Because rates can vary tremendously between Insurers the least expensive or “best buy” on a policy one year may not be the next. Cons...