There are several ways in which insurers can determine the monthly premium costs you pay for your Medigap plan. These ways include rating systems, which are called:
- Issue-age rating
- Community rating
- Attained-age rating
As a resident in Elmore, Boise, Owyhee, Canyon, Ada, Gem, and Payette Counties, or even in towns such as Rexburg, Pocatello, Twin Falls, Boise, or Nampa in Idaho, you need to be aware of how your premiums are calculated so you can choose the best plan for you!
Issue-age rating is one of the ways insurers in Idaho can determine your Medigap premiums. This means your premium is based on the age when you buy the Medigap plan. Keep in mind that with this method, premiums will be lower for those who buy a Medigap policy at a younger age and will not go up because you are getting older!
However, other factors can increase your premiums over the years, such as inflation rates.
Community rating is another way insurers in Idaho determine your Medigap premiums. With this system, your premium will not be based on age. The same monthly premium will be charged to everyone who has the Medigap plan.
Like issue-age rating, your premiums can increase because of factors like inflation.
This specific rating system is not used in Idaho. So, if you live in Elmore, Boise, Owyhee, Canyon, Ada, Gem, and Payette Counties, keep in mind that your monthly Medigap premium will be based on either issue-age rating or community rating.
With attained-age rating, the premium will be based on the beneficiary’s current age and will increase as they get older.
Learn More About Medigap In Idaho!
Generations Insurance knows anything and everything about Medigap in Idaho! So if you want to learn more about your Medigap options throughout Elmore, Boise, Owyhee, Canyon, Ada, Gem, and Payette Counties, give us a call today!