Medigap Tip: Save Like a Celebrity

Nov. 9, 2011 - PRLog -- Baby boomers born in 1946 join approximately 40 million Americans eligible for Medicare supplement insurance (Medigap) this year.  And many of their favorite celebrities are aging along with them.  Those “coming of age” during a time of global concern for class inequities will note at least one financial statistic isn’t dependent on economic status.  America’s celebrities and fans alike can find potential savings when they shop for Medigap.

Weiss Ratings, an independent rating agency of U.S. financial institutions, found that wide price disparities for Medigap are just as likely for celebrities as they are for Americans of more modest means.  With such wide differences in premiums charged by insurers for the exact same benefits, consumers at every economic level who are eligible for Medigap should carefully review options in order to maximize savings.  

Along with those not in the spotlight, celebrities eligible for Medigap this year have the potential for significant savings if they take the time to investigate plans and prices.  For example, former President Bill Clinton, who turned 65 in August, would find Medigap rates for Plan F in Chappaqua, New York range from a low of $2,504 to a high of $4,931, which represents potential savings of $2,427.  Meanwhile, Sylvester Stallone, who also joined millions of other baby boomers turning 65 this year, has the potential to save nearly $3,700 on Plan F.  Rates for this plan in Beverly Hills, California range from a low of $1,644 to a high of $5,295.  And, if his blue-collar alter-egos, Rocky or Rambo, were living in Beverly Hills, they could find the very same Medigap savings opportunities.

To view other superstars celebrating 65 this year along with the Medigap savings they might realize, visit http://www.weissratings.com/medigap/celebrity/.

Weiss strongly recommends that all consumers research their options before purchasing Medigap.  In addition to price, consumers should consider the financial strength of the insurer when selecting policy coverage.  
         
Weiss Ratings is a data provider and does not sell insurance.  To compare Medigap policies and pricing, consumers can go to http://www.weissratings.com/medigap-search to see the range of rates available for their age, gender, and zip code, for free.  They can also obtain a personalized report providing comparisons of the actual premium rates offered in their zip code for each of the ten Medigap plans, along with the Weiss Financial Strength Rating for each carrier. The financial strength of an insurer can affect claim payments and should be a key factor for consumers to consider when selecting policy coverage.

# # #

Weiss Ratings is the nation’s leading independent provider of bank, credit union and insurance company financial strength ratings and sovereign debt ratings. Weiss accepts no payment or other compensation for its ratings from rated institutions.