You can easily see a major trend whilst comparing the supplemental plans from these three states with the other states in the United States. First of all, the cost of Medicare plans in Colorado, Utah, and Nevada is far more reasonable than other states with big cities in them. As we’re all aware of, Nevada has Las Vegas and Reno, Utah has Salt Lake along with few other medium-sized cities while Colorado has Denver. So what’s the reason in a huge price difference among the above 3 states and others. Let’s look at the 2 primary reasons for this.
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Normally the healthier a particular state is, the lower the premiums. Each of the 3 states is rated very high terms of senior healthcare. When any supplement insurance carrier has fewer health claims they’ll have reduced expenses that they typically pass along to their customers in the form of lower premiums. Actually, the insurance carriers can look in previous years for determining the premium claim percentage happening in the future. So, after realizing that during the previous years, the number of claims in a specific state has been typically lower as opposed to other states they can afford to keep the prices lower due to that. Since all the 3 states fall in rocky mountain regions, the people there engage in lots of outdoor activities that help them preserve a good rating in terms of their overall health.
Competition might also become a major factor in deciding the premiums. By looking across the different rates, you’ll see another important trend. Within the states where only one or two agencies sell Supplemental Plans, the premiums are quite high. On contrary, in states like Utah, Colorado, and Nevada, we can see a minimum of 5 insurance carriers offering such plans. Thus, each of these companies is looking to strengthen its position within the marketplace.
With a bit of research, you will realize that Medicare Supplement Plans stay the exact same irrespective of your chosen carrier. This means there isn’t much more to discuss in terms of the pricing of these policies.
To conclude, if you are a senior above the age of 65 and also a resident of either Nevada, Utah or Colorado, you’re in a strong position to save a good amount of cash on your Medicare.