Medicare supplement rates are not as tricky as they first come off. To understand where the rates are coming from we need to look at the four main health indicators that the insurance companies are looking for and one factor that will cause your rates to increase.
With any type of health or life insurance your age is going to play a factor into how much your insurance will cost. The older you are the more health insurance will cost. So if you are just going on Medicare your Medicare supplement rates will be the lowest they will ever get. One of the advantages to getting in early is that your rates do not tend to go up as quickly if you are already on a supplement than if you try to get in and go through underwriting which will judge the next indicator; health.
If you have to go through underwriting then they are going to look at your health and give you Medicare supplement rates based on how likely you are to use medical services. If you are just turning 65 or just going on Medicare Part B then you have a six month window called open enrollment where the company is not allowed to judge your health when giving you rates.
While women tend to go to the doctor more, when me do go to the doctor it is usually serious. Because of this men will pay slightly higher rates than women.
This seems odd but your location is an indicator for health. The insurance companies have so many clients that they can see where there are problem areas. Also they are looking to spread their footprint and gain customers. So if you are in an area where a company is looking to get more clients then you may be able to get lower rates. For instance a person in Florida will likely pay higher Medicare supplement rates than someone in Georgia even if they are identical twins with the exact same medical history.
The one major factor in determining your Medicare supplement rates is the plan. If you choose a more comprehensive plan like Plan F or Plan G then you will pay more per month than someone getting the bare bones plans like Plan A. Do not let the monthly charge dissuade you from getting a Plan F or Plan G since they will cover you for more out of pocket expenses and usually end up saving you money in the long run.
By taking these points into account you can make sure you get the lowest Medicare supplement rates.