Blue Care Network Medigap Rates Set to Double for Most
Blue Care Network of Michigan is sending out rate increase notices to their Legacy Medigap policy holders. The 5 year rate freeze on this plan is coming to an end this month. Blue Care Network has decided to extend the current rates through the end of the year.
For the first time with this policy, Blue Care Network will take into account a policyholders age, gender and geographic location in determining the rates.
Rates are set to increase around $48 for a 65 year old female up to $177 for a male over age 80. This plan has also been one of the least expensive Medigap policies for those under age 65 who are receiving Medicare due to a disability. The rate increase for these individuals will skyrocket to an additional $192 per month. So for those individuals who are on disability and on a fixed income will see their premiums go from $122 per month for the Plan C all the way to $315 per month.
Subsidies are available to those who earn less than $17,820 annually as a single or $24,030 for a couple.
Blue Care Network will close the Legacy plan to new applicants on November 14, 2016.
What can policyholders do?
Current policyholders of these Legacy Medigap policies can contact Jeff Pratt at American Insurance Advisors to learn about the other Medigap policies available to them. Jeff represents over 20 top rated Medicare Supplement insurance companies. Jeff can compare plans to find the lowest rates for you.
About Medicare Supplement Plans
Medicare Supplement plans are regulated by CMS (Center for Medicare Services). There are several different plans available which are labled by certain letters. The coverage for each of these plans are the same under each company. For example, if you are considering a Plan F, the coverage is the same whether it is offered by company A, B or C. Also, there are no networks of doctors under these plans. As long as your doctor accepts Medicare, you can see any doctor nationwide.
Other options for these policy holders to lower their premium costs would be to consider Medicare Advantage Plans. Please contact Jeff at American Insurance Advisors at 248-895-0000 to learn more about these plans. Now is a great time to start researching your options to lower your cost.