When you compare these 3 states and the Medicare Supplement Plans they have to other states in the country you see a major trend learn more. For the most part they are much less expensive when compared to other states that have large cities in them. As we know Colorado has Denver, Nevada has Reno and Las Vegas, and Utah has Salt Lake and some other medium size cities within. So why is there a big price difference between these states and others. We will talk about 2 reasons. Typically the healthier the state the lower the rates. All of these states boast a very good health rating. When a Medicare Supplement Company has lower health claims they also have lower costs which they usually pass along to the consumer as lower rates for there plans. Actually these companies are able to look in years past to try to determine there future costs for claims, when they see that in years past claims costs have been comparably lower than other states they are able to keep prices lower because of that. These rocky mountain area states thus are benefiting from a healthy life style, All of these states have lots of outdoor activities which aide in preserving a great health rating.
Competition is also a large factor in rates, as you look across the country at rates you will notice an important trend. In states where there is only 1 or 2 companies that sell Medicare Supplement Plans we find that the rates are very high. In states like Nevada, Utah, and Colorado we find at least 5 companies that offer these types of plans. With that being said every company is vying for a position in the market. When you are dealing with a standardized plan having a position in the market has every thing to do with prices.
Standardized plans is of tremendous importance as to why competition is so important, think about it like this. If you went to a car dealership to purchase an automobile you would not pay $5000 more for the exact same car with the same options, that will get you to the same place. It just does not make sense. It is the same with Medicare Supplement Plans. Educated consumers know that these plans are essentially identical company to company which means that there is not much more to talk about than price.
Whether you are looking at a Utah Medicare Supplement Plans, a Nevada Medicare Supplement Plan, or a Colorado Medicare Supplement Plan, you are in a good position. Living where you live could save you thousands of dollars in your Medicare Career.