Average cost of Medicare supplement plans vary depending on which plan you choose, but there are several things that you can do to help lower your rates. Plan types often recommend the least expensive plan in town, but it is not always true. What really affects Medicare supplement rates are age, gender, location, and whether or not you smoke. Luckily, if you are one of the few people who do not smoke, you will probably save money by choosing a cheaper, less comprehensive plan.
Here are some tips to help you choose the best plan for your needs in the future. As you plan your retirement, make sure you plan for Medicare. Remember that you will have to pay taxes on any money that you have access to in the future, so making sure you have Medicare coverage in the future seems almost redundant. Also, as you get older, keep in mind that your health tends to deteriorate. In the future, if you are diagnosed with a debilitating condition, your supplement plan may pay out much less than it will today, or else it will not cover all of the costs.
Gender is another deciding factor in your Medicare supplement plan rates. Male individuals tend to use tobacco products more than female individuals, which is why females have such high rates for prescription coverage. However, as you get older, you are more likely to use tobacco, which is why male seniors have such low utilization rates of Medicare supplement products. Finally, the location has a lot to do with your Medicare supplement rates. Those living close to a hospital tend to use the hospital’s services more often than those who live further away, and are therefore charged higher rates by the hospital.