Do you have kids? Do you have plans for your kids to go to college one day? Have you looked at how much college is going to cost you for just one kid? College is a big investment, but it is a good one. If you begin planning for this huge expense when your kids are young, you won't take much of a hit when the day comes that your teen packs his or her bags and heads off to start a new life at school. This blog will provide you with several ideas and tips that can help you find ways to plan for your kids' college tuition.
If you qualify for Medicare, you also qualify to purchase a Medigap plan or other Medicare supplements. A Medigap plan is a supplemental form of insurance that steps in and helps you pay your coinsurance, deductible, and copayments that you have to pay out-of-pocket for Medicare Part A & B. Your coinsurance, deductible, and copayments can really add up, and Medigap is an affordable way to cover those expenses. However, Medigap plans are not free. You have to pay for a Medigap plan, and it helps to understand how the payment and cost around Medigap plans are structured.
#1 Price Varies By Location
One big factor in the cost of your Medigap plan is the state you declare as your primary residency. For example, if you look at the exact same plan, with the same benefits, offered by the same company in Florida and Montana, you may find that the price for the plan varies greatly. Plan prices, even when looking at the exact same plane, vary a lot from one state to the next. This price difference is often set by market variables as well as the laws and rules of each state.
#2 Price Varies By Age
With many insurance plans, the price varies based on your age. With some plans, you lock in price based on your age. If you join a particular plan when you first qualify for Medigap, you may be able to lock in a lower rate than if you choose to join that plan when you are 75. Many plans allow you to lock in a lower rate if you choose them as soon as you qualify for a Medigap plan and then stick with them over the years.
On the flip side, other insurance companies change your premium as you age. As you get older, and the risk of you actually cashing in on your plan increases, your premium may increase as well. With these types of plans, it is not about locking in a low rate early on.
#3 Price Varies By Personal Factors
Finally, the price that you pay can also vary based on personal factors. Each insurance company can offer discounts for certain personal factors. For example, one insurance company may offer a discount for people who don't smoke or drink. Another insurance company may offer a discount for individuals who pay their premiums off on an annual basis instead of making monthly payments. That is why it is important to ask each insurance company what types of premium discounts they offer so you can see which discounts you qualify for. You want to find an insurance company that offers discounts that could actually apply to your personal factors.
Medigap insurance rates are determined by the state you live in, your age when you join the plan, and personal factors and choices that can earn you discounts on your premium.
Share2 November 2017
