Since risk pools have been closed on Medicare Supplement Insurance purchased before June of 2010, premiums on those plans could rise faster than on plans purchased after that summer. Insurance companies spend more on seniors who need increased health care as they age, and that extra cost is passed on to members as higher premiums. Plans that have closed risk pools aren’t accepting any new members so as all members age and need more health care bills paid, insurers are likely to raise premiums.
When you get a Medigap Plan today, you are included in an open risk pool, and that increases the chance for lower rates because medical claims can be offset by new young members with few medical needs. For these new plans, the premium rates are expected to rise slowly as compared to the plans obtained before June 2010. Younger people can now join the open risk pool plans and will have the same benefits offered by the older plans.
Once outside the open enrollment period, insurers are not required to sell you a Medigap Plan if it seems like you will need expensive health care. If you are still in good health though, it’s easier to switch Medigap Insurance Plans to avoid paying high premiums.
You can check out our website to determine the right Medicare Supplement Plan for you. With the help of our Medigap advisors, getting an affordable premium is much easier than when you try to compare the 10 different Medigap Plans yourself. We can save you a lot of time by comparing the rates available from different insurance companies, too.

Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage.