For seniors who are new or existing customers of supplemental medical insurance, there are important changes coming that could affect your healthcare costs. Because of this, seniors who are currently on supplemental insurance plans are being encouraged to review their policies, even if they are satisfied with their current plans. Changes to premiums for 2018 may be good news for many seniors, but some seniors may actually see an increases in their premiums. Providers of supplemental insurance plans might also start offering more options to senior customers, making prescription drugs and other regular expenses more affordable. Keep reading to learn
more about possible changes.
The average monthly cost for supplemental insurance plans is expected to decrease slightly, by about $2.00, making the average premium for these plans around $30. Some seniors may see a slight increase in premiums, however, since the high-income surcharge threshold has dropped to $133,500 of yearly income for individuals and $267,000 yearly income for couples. Seniors who are worried about drastic changes in their insurance costs can seek information from senior advocacy groups like AARP, or they can contact their supplemental insurance providers for specific information about their policies.
There will also be more choices in supplemental insurance plans in 2018, which means the nearly 99 percent of seniors will have access to these plans with 87 percent having 10 or more options to choose from. Also, the benefits of these plans are expected to change so that once you pay $5,000 during the year for prescription medications, you will pay no more than 5 percent of prescription medication costs for the rest of that year.
Still wondering how your supplemental insurance might change in 2018? Take the following quiz to find out.