Idaho Medigap Rates
Idaho Medigap rates vary noticeably by company and change annually.
Over 20 insurance companies offer Medigap plans to Idaho residents.
There are separate rate charts for people that use tobacco and those that do not. Rates are available for people under age 65 as well as for people 65 and above.
Click here to see the current Idaho Medigap rates. This information is typically updated monthly.
Idaho Medigap rates are based on Community Rating
This means each insurance company sets their own monthly premium (rates) for each plan they offer in Idaho. Also, every one that enrolls in one of their ‘community priced plans’ pays the same premium. The premiums are presented on the underage 65 chart AND the 65 and over premium chart.
Remember some basics about Medigap plans.
Keep in mind if you are enrolled in a Plan F (or any of the other 9 Medigap plans), the Medicare coverage is the same no matter who you buy the plan from.
Some insurance companies include ‘extras’ in their plans.
Some companies MAY include extra benefits (gym membership, help with dental/vision coverage, a discount if more than one person living in the same home, etc.). If these extras catch your attention, closely review the details of these offerings. For example, are the exercise facilities you will use in the plan’s network. Is your dentist is in the plan’s network?
How does ‘community rating’ compare to ‘issue age’ rating?
‘Issue age’ rating means:
1). There is a premium rate chart which is maintained by each company offering Medigap plans in Idaho.
2). There are 4 charts for rates; 1 is for people under age 65; the other is for people 65 and above. People that use tobacco can have a different premium than people that do not.
3). You find your age on this chart for the plan you prefer. This is the person’s ‘base’ rate and is your monthly premium when you initially join a plan. This rate can change annually as each company is entitled to a ‘rate’ increase. Most companies guarantee this initial (base) rate to remain the same for the first 12 months a person is enrolled in the selected plan.
4). When you look at these rate charts, you notice the rates increase a few percentage points with each year of age. This means Idaho Medigap rates at age 65 can be noticeably lower than rates for a person aged 80.
Community rating means everyone wishing to enroll in a specific plan offered by a specific company pays the same premium. This means a person aged 65 pays the same premium as a person aged 85 (or any other age).
Each company will have a separate premium chart for individuals below age 65 AND a separate premium chart for people 65 and above. If a person uses tobacco their premiums will be higher than people that do not.
The net effect of ‘community rates’ is when people join a Medigap plan at age 65, their premium is much higher when compared to ‘issue age’ rating. This also means people age 78/higher can have lower premiums when compared to ‘issue age’.
What should a person do that has been enrolled in an ‘issue age’ policy for several years?
If the premium difference between a ‘community’ rated plan and their ‘issue’ age plan is meaningful lower simply change insurance companies and get the same coverage. You no longer have to pass underwriting to switch insurance companies/plans. Some rules do apply.
How would a person do this?
We suggest they work with an Idaho based broker that is familiar with the Idaho Medigap marketplace.
They can guide you through the process.
We have been helping Idaho residents do this since 2012. Call us if you want help.
What else do I need to know about the Idaho law change that introduced ‘Community rating’ and eliminated issuance of ‘issue age’ policies?
Idaho changed to ‘Community Rating’ on 3/1/2022. A refresher on ‘Community Raring’ is available here.
Did you just move to Idaho?
I have a Medigap plan. Are Idaho Medigap rates lower?
Probably!
If you have had your Medigap plan 4 or more years, your Idaho Medigap rates could lower than your current plan. If you switch company’s to get the same plan, a gym membership and/or a ‘household discount’ may be included in the plan. You can do this without going through underwriting.
Switching to a different company and get the same plan is easy when you work with a broker. Call us if you would like help thinking this through. We watch this market monthly.
I have a Medicare Advantage plan. What should I do?
You have an important decision to make.
First, you are entitled to switch to a Medigap plan WITHOUT going through underwriting.
A Federal law offers a ‘guaranteed issue’ to individuals in this situation. This means you skip underwriting.
There is a time limit you have to get this done (after you move). Read the information found on pages 21-24 of the document found here. Call us…we can help you think this through. We have been helping new Idaho residents in this situation for over 10-years.
Second, if you are not aware, Medicare Advantage plans are based on the County where you live. Also, you have a 63-day window after your move (Federal law) to enroll a plan available in the Idaho County you are moving to. Be aware certain Idaho Counties do not have Medicare Advantage plans available to residents.
Learn more about Medicare Advantage plans available in Idaho here.
Are Medigap plans in Idaho now a commodity like product?
With the 2022 law change in Idaho, we think Idaho Medigap plans are approaching ‘commodity’ status. To us, this means the main difference between your choices is simply the plan’s premium. We do use other criteria to separate companies on our ‘recommend’ list. These are reviewed below.
These products have the same basic features and the companies offering them compete on price. Many of these companies tout their ‘customer satisfaction’ rating. We find their comments with overall national satisfaction surveys.
With the Idaho law permitting existing Medigap policy holders to switch insurance companies annually (during their ‘birthday window’) without going through underwriting we feel it just makes sense to switch companies with the premium difference is meaningful to you.
Idaho typically has new companies enter our market annually. Often these companies will have the lowest monthly premium they ever will have.
Would you pay 25 – 130+% for the same product when shopping elsewhere?
A Plan G (or any of the other 9 Medigap plans) are the same products no matter which company offers them. The main difference is the monthly premium…and if they offer ‘extra benefits’ not covered by Medicare, it makes sense to consider these (if they are useful to you).
We prefer insurance companies that have been in the Medigap business at least 4 years, have over 10,000 policies in force, have a medical loss ratio no more than 1 point above the national average (for the prior year) and have an AM Best rating of A- (or better). Not all of the insurance companies offering Medigap plans in Idaho meet this criteria…and we do not recommend them.
What about household discounts?
A few companies offer a ‘household discount’.
When this is deducted from their premium, we compare the net figure to other company’s premium. When we do this, some the other companies, not offering a household discount, can have lower premiums. This is why we encourage Idaho residents to look beyond the ‘teaser ad’s’ some companies use to get your attention
A note about plans that include a gym membership.
You have some additional work to do before enrolling with any company including this ‘extra’ feature. Not all ‘gym memberships’ are the same.
Be aware, the insurance company can drop this ‘extra’ at any time.
We will help you compare all companies offering this extra and consider the one with the net lowest premium…provided they meet the criteria mentioned above.
If you stop using the gym, there may be other companies with lower monthly premiums for your same plan. If this difference is meaningful to you, it may make sense to save the money by changing to a different company.
We can help you sort through this.
Will Idaho Medigap rates change?
Yes. Each company is entitled to submit an annual request for a rate increase. The Idaho Department of Insurance reviews these requests and approves/denies based on the company’s ‘medical loss ratio’ and other factors.
In 2024 many companies in the Idaho Medigap market had increases in the 8%+. A few were lower.
If you experience a ‘large’ annual rate increase, call us. We will help you find creditable companies with lower premiums. If you are an existing customer and were holding a policy with a larger than ‘normal’ increase, we will notify you and let you know your other options.
Suggestion.
If you have experienced 3 annual rate increases it is time to check your options.
When you work with us
We have specialized in Idaho Medicare insurance since 2012. We monitor the Idaho Medigap market monthly and update our records when rates change, when new companies enter our market and when existing companies leave the market.
Once you become a customer, we keep you aware of new opportunities to save on your premium. If you choose to change companies to save on the premium difference, we help you with that too.
Idaho residents, call us when you want help.
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