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Medicare Insurance Premiums


Depending on the type of Medicare plan you have, your premiums can change during the year.  When rates change get a plan review to see if you have the best plan.

Once you’ve signed up for a Medicare insurance plan, can your premiums change?  Yes, the rates on plans do change – though usually just once a year.  The rates can change for several reasons: the type of plan you have may have premiums that change when you reach a certain age; rates can change because of a change in benefits; or Medicare premium rates can change due to increasing costs of health care.

Medicare insurance premiums for Medicare Supplement plans generally change once a year to reflect changes in the cost of health care.  But your Medicare Supplement insurance premium might also change because you got older.  Some Medigap policies use a system of setting premiums known as “attained age.”  That means that your rate will change when you “attain”- reach – a certain age.  Some plans change rates yearly based on age; others base the premiums on rates in a band of 4 or 5 years, so your rates increase when you reach that next band.  That is different from issue-age rating where the premium is based on the age you are when you first enrolled in the plan. 

For Medicare Advantage plans and Medicare Part D prescription drug plans the premium changes usually come at the same time as the annual open enrollment period (AEP).  You will receive a notice of change (ANOC) from your insurance company that will detail any changes in benefits and any changes in prices.  For example, Medicare premiums 2012 for Medicare Advantage and Medicare Part D plans will change in January of 2012, and enrollees received notice of premium rate changes in September, 2011.

It is important when you select a plan that you know how the Medicare insurance premium rates are calculated, when they can change and the history of change in the plan you are considering.  An iQuote Medicare health plan advisor can help you review your plan and understand the type of Medicare insurance premium rating plan you have.


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