You can also consider the long-term cost of your Medicare advantageal plan, as well as the immediate short-term cost of the plan when selecting an insurance company. The price structure used by the company will determine how your premium will likely increase as time goes on as described in the following ways. Issue age rated: Your insurance company will determine your premium based on your age at the time of purchase of the Medicare Advantage Plan. The younger you are, the lower will be your premium. Over time, premiums may increase due to inflation and other factors, but they will not increase due to your age.
Community rated: Your insurance company will set premiums in a way that anyone who buys a particular Medicare advantageal policy within a given region, regardless of age, pays the same premium each month. Over time, premiums may increase due to inflation and other factors, but they will not change based on age. Attained age rated: Your insurance company will determine your premium is based on your current age. With increase in age, premiums increase. Your age, along with inflation and other factors, can make the plan costly over the years.
If you are applying for a Medicare advantageal plan:
The best time to apply for a Medicare advantage plan is probably the 6 month period that starts the first month you enroll in Medicare Part B, and you are 65 or older. This period of time is often called the Open Enrollment of Medicare Advantageal Plan. Irrespective of your health status, you cannot be denied or charged a higher premium, even if you have to wait to cover your health. If you wait until later to request a Medicare advantage plan, the insurance company can review your medical history before deciding whether or not to offer coverage. This medical record is known as a medical subscription and may affect your ability to cover or delay coverage or increase the premium you pay for coverage.
Tips for evaluating Medicare advantageal plans and related costs:
How much coverage do you need from a Medicare advantageal policy? You may want to examine closely what is covered by each standardized plan in order to purchase the plan that meets your requirements. For instance, if you travel frequently abroad, it may be worthwhile to have a Medicare advantage plan to cover emergency care outside of the United States. Some plans pay 80% of approved emergency costs if you are out of the country. If you do not travel abroad, you may not want to pay for the coverage you are not sure to use.
Once you have identified the type of Medicare advantage you want, proceed to compare the insurance companies and their premiums. Before enrolling for a Medicare advantageal plan, you should contact the insurance company or your representative to find out how the insurance company sets your premium rates and if they offer discounts. The purpose of this communication is to request insurance. The descriptions of products and services provided on these Medicare.com websites do not constitute sales offers or requests related to a product or service. Find a quote for AARP 2019 here www.medicareadvantageplans2019.org/aarp-medicare-advantage-plans-for-2019/ to avoid high medical costs.