Your achieved age is calculated using the present year minus the year of your birth.
For instance, if your birthday is December 2, 1952, as of the summer of 2022, your achieved age would be 69. However, upon reaching your birth date in the same calendar year, your achieved age would increment to 70.
Certain insurers apply an individual’s achieved age to set premiums for their offerings. Specifically, this is one of the trio of pricing strategies enlisted to establish premiums for Medicare supplemental insurance, otherwise known as Medigap.
When you receive an insurance quote and your age is among the determinants, it’s common that the rate may escalate in accordance with your age.
Understanding Attained-Age Medicare Policies
Purchasing an insurance plan often entails that the insurer will determine premiums based on your chronological age. For example, securing a 20-year term life insurance plan means insurers will fix your premiums based on your age at the time of purchase.
