Issue age rated policies that aren't really

[Daryl]

I just signed up for a Supplement plan with Humana (Plan F High Deductible). The policy was described as "Issue age", meaning that the premium depends on your age when you get the policy, and that it stays at that price, allowing for inflation adjustments etc.

However, the plan comes with an enrollment discount that cuts the premium just about in half, and that's the price they advertise. Then every year the discount decreases a little until you reach 77, at which time you are paying the full non-discounted rate.

In effect it is an attained age policy that levels off after 12 years.

I've reviewed several policies, and they all seem to do this.

 

[Paul H]

Here in Arizona "attained age" policies are prohibited. Some, but not all, companies offer a 30% discount that declines by 3% per year, from age 65 to 75.

It pays to check out a good number of insurers before deciding on a policy.

The State of Arizona issues an annual Medicare Supplement Insurance Premium Comparison publication, I would assume other states would do something similar. Premiums can vary greatly, for example, in 2015 the cost for a 65 year old female's plan F could vary from $115 to $275

Things to watch out for are "Select" policies that require use of a restricted provider network, and policies without "cross-over" claim service which require the policyholder to file separate claims to the insurer.