Unlocking the Mystery of Rising Medigap Premiums: A Comprehensive Guide

00:00 - 01:03 - Introduction
01:04 - 02:09 - What are Medicare Supplements?
02:10 - 05:22 - How do Medigap premiums work?
05:23 - 08:23 - Understanding Medigap Loss Ratios
08:24 - 14:30 - Issue Age vs. Community Rated vs. Attained Age Rated
14:31 - 21:50 - Open vs. Closed Blocks of Business
21:51 - 23:23 - Conclusion

Welcome to our deep dive into the world of Medigap premiums! If you're transitioning to Medicare or already navigating its waters, you've likely encountered the complex landscape of Medigap, or Medicare Supplement Insurance plans. These plans are crucial for covering the costs that Original Medicare doesn't, but there's a catch – the premiums can and do increase over time. But why? And more importantly, how can you make an informed decision that protects you against unforeseen hikes?

In this video, we unpack everything you need to know about Medigap premiums – from the basics of what Medigap plans cover to the intricacies of how premiums are determined and why they rise. We'll explore the three different pricing models: Attained-Age-Rated, Community-Rated, and Issue-Age-Rated, providing real-world examples to illustrate how these models impact your wallet as you age.

We don't stop there. We delve into the factors driving premium increases, including age, inflation, and the overall claims within your plan's pool of enrollees. Ever heard of "loss ratios"? We'll explain what they are, why they matter, and how they influence the cost of your Medigap plan.

But it's not all about understanding the problem. This video arms you with practical strategies and tips for choosing a Medigap plan that offers stability and affordability in the long term. Whether you're pondering the differences between plan letters or considering the pros and cons of established carriers versus new entrants, we've got you covered.

Don't let the fear of rising premiums deter you from securing the coverage you need. Join us as we guide you through making an empowered Medigap decision that you can feel confident about for years to come. Whether you're a Medicare newbie or looking to reassess your current Medigap plan, this video is your go-to resource for navigating the ever-changing landscape of Medigap premiums.

Access our FREE online course by using this link: https://www.gmedcourse.com/

To learn more about how we at Giardini Medicare can help with your Medicare Transition, visit our website at https://www.gmedicareteam.com/

🔗Useful links for sources from this video:

2024 Original Medicare Costs: https://www.cms.gov/newsroom/fact-she...

2024 Medicare & You Handbook: https://www.medicare.gov/Pubs/pdf/100...

2023 Choosing a Medigap Policy: https://www.medicare.gov/publications...

Unique Medigap Underwriting rules by state: https://docs.google.com/document/d/1t...

What is a loss ratio: https://www.investopedia.com/terms/l/...

Source for Medigap Rate Increases: https://www.serff.com/serff_filing_ac...

How Medigap Plans are rated by state: https://drive.google.com/file/d/1pout...

Medicare.gov how Medigap plans are rated: https://www.medicare.gov/health-drug-...