Jesse Slome, director of the American Association for Medicare Supplement Insurance
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Monthly Medigap Insurance Rates Vary From $79 To $278 Depending On Where You Live
LOS ANGELES, CALIFORNIA, USA, February 9, 2023 /EINPresswire.com/ — A woman turning 65 in Iowa can purchase Medicare Supplement Plan G insurance coverage for $79-per month according to a report from the American Association for Medicare Supplement Insurance (AAMSI).
If she lived in Manhattan, New York City, comparable insurance plan coverage will cost $278 monthly, or $2,388 more for the year, reports AAMSI. In Chicago the monthly premium would be $97.87.
“Medicare is a national program but Medicare insurance plan options and costs are different depending on where you live,” explains Jesse Slome, director of the Medicare industry organization. AAMSI published the 2023 Medigap Price Index for Plan G coverage. The report reflects the lowest rate found in each state for women turning age 65.
According to Slome, Plan G is the option selected by 51% of seniors purchasing Medicare Supplement insurance plan coverage when they turn 65. Medicare Supplement is often also referred to as Medigap plan coverage.
“Depending on where you live rates will vary,” Slome says. “So will the number of different insurance companies offering Medigap plans. There can be as many as 20 or as few as four or five,” Slome adds. “Prices can vary significantly because while plan provisions are virtually identical, each company gets to charge what they want.”
It’s up to seniors to compare before making a final selection Slome advises. “No single Medigap insurance company was always the least expensive,” according to Slome. “Neither was one consistently the most expensive.” In addition, insurance companies may offer discounts that can save seniors when both spouses or partners are covered. These were not taken into account when compiling the data.
The 2023 Medicare Supplement Medigap prices can be accessed at https://medicaresupp.org/information/medigap/best-medigap-2023-prices/.
Jesse Slome is director of the American Association for Long-Term Care Insurance (https://www.aaltci.org) as well as the American Association for Medicare Supplement Insurance advocates for the importance of consumer education and supports insurance and financial professionals who market Medicare insurance solutions. To learn more about Medicare insurance or to access a free directory listing local Medicare insurance agents, go to https://www.medicaresupp.org/find-local-agent/.
Jesse Slome
American Associations
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