When you get an AARP Medicare supplement you are choosing to go with one of the most trusted companies in the Medigap Insurance Industry.
The company itself was started in 1958 in California but is now headquartered in Washington D.C. The membership has grown to over 40 million and is one of the most influential lobbying groups in the country.
AARP Medicare Supplement Rates
Premiums for an AARP Medigap plan are hard to nail down without getting a set of personalized quotes. There are some normal factors that affect the rates for all health insurance not just an AARP Medicare supplement. How old you are, your general health, and your location all play a factor into how much you will be charged.
Now if you are just going on Medicare you have a window, called open enrollment, where your health is not going to be taken into account. For most people this is the best time to get in on an AARP Medigap plan because they can get the absolute lowest rates no matter what health conditions they may have. If you miss this window then you will go through medical underwriting which could lead to higher rates.
Taking advantage of the open enrollment period could save you hundreds or thousands of dollars on your health care coverage through the years. Your open enrollment period lasts for six months starting at the month you turn 65.
The other advantage to the open enrollment period is that you also can’t be denied coverage. That means that regardless of your health and any health complications that you have. If you miss your six-month window, then the company can reject your application if you have any pre-existing complications.
History of AARP
Once known as the American Association of Retired Persons, today AARP is still regarded as an entity that has extensive lobbying and purchasing power, especially as it relates to its members. To join AARP, an individual must be at least 50 years old.
At the cost of only $16 per year for an AARP membership, individuals can take part in numerous benefits. Aside from offering Medigap plans, AARP also provides information, advice, and assistance to seniors in a variety of different ways. As a company, they are one of the leaders in helping Medicare enrollees make informed decisions about their finances and health care.
Medicare Supplemental Insurance plans are a great way to buy additional coverage for additional coverage for Medicare. While Medicare gives you plenty of medical coverage, there are a lot of expenses that it doesn’t cover, which could leave you with some massive hospital bills.
One of the best ways that you can offset these massive medical expenses is to buy additional health care coverage through a Medigap plan. There are hundreds and hundreds of private companies that sell these plans across the United States, one of those companies is AARP.
Offering some form of AARP Medigap coverage in every state of the Union, some form of AARP Medicare insurance is going to be available in your area. The plans themselves follow the regulations of each state and the federal government. If you have questions about a specific plan, such as Plan G, we have the answers you are looking for.
AARP Company Review
AARP is a non-profit organization that today includes nearly 38 million members. The goal of this organization is to ensure that seniors – those who are age 50 and over – are able to meet their goals and dreams. The entity does so by offering advice and information, as well as offering discounts on important products.
The entity was founded back in 1958 by Dr. Ethel Percy Andrus, a retired school principal. Initially, the organization was titled the National Retired Teacher Association, or NTRA, which was established for the purpose of promoting Dr. Andrus’s philosophy of productive aging.
At the time AARP was established, individual private health insurance was not widely available to older Americans. This was before the founding of Medicare in 1965.
Since that time, the entity has grown significantly – although it still maintains its founding principles of promoting independence, dignity, and purpose for older persons, as well as enhancing the quality of life for older persons, and encouraging older persons to serve and not be served.
AARP Financial Strength, Ratings, and BBB Grade
Because AARP wants to provide the best quality insurance coverages to its members, it offers several different types of insurance policies to meet applicants’ needs. This company is considered to be extremely financially stable – and the ratings provided by the rating agencies for insurers affirm this. These ratings include the following:
- A++ from A.M. Best – This is the highest possible rating given by A.M. Best.
- AA+ from Standard & Poor’s – This is the highest possible rating for life insurers that is provided by Standard & Poor’s.
- Aaa from Moody’s – This is also the highest rating given by Moody’s.
- AAA from Fitch Ratings – This, too, is the highest possible rating from this agency.
Although AARP is not an accredited business through the Better Business Bureau, the BBB has also provided this organization with a grade of A+. Over a three year period, AARP has closed a total of 238 complaints via the BBB. Of these, 134 related to products or services, 56 were advertising/sales issues, 32 were with billing or collections issues, and 16 had to do with delivery issues.
One of the great things about Medicare supplements is that no matter which company you go with the coverage is the same if you are looking at a plan with the same letter. All ten different Medigap plans are standardized.
So an AARP Medicare supplement plan F is the same as New Era Medicare supplement plan F (learn more about other Medicare supplement companies). So when we give you a set of quotes we only put the best companies with the lowest prices on your quote because the coverage from each company is going to be identical to the other companies, but the premiums could be drastically different.
Deciding which Medigap plan works best for you can be a tricky process. There are several different factors that you have to consider, like your health, where you live, and your finances.
It’s vital that you balance your supplemental coverage with how much you can afford every month. You need to make sure that you have enough coverage to keep you from having to pay extensive hospital bills, but you don’t want to pay for more coverage that you actually need.
You can’t predict the future and any health complications that could arise in the next couple years, but you can take some education guesses. Does your family have a history of any health problems or poor health? Have you had any serious problems in the past? If so, you should consider purchasing a plan that leaves fewer gaps in your Medicare coverage.
If AARP is not one of those and you want to see their price then just ask and we will be happy to include the AARP Medigap rates for you. Typically AARP is a little more lenient on who they will accept so many times they have a slightly higher rate, but you can’t put a price tag on having quality health care coverage and the peace of mind that a supplemental insurance policy will bring you.