Medigap plans are essentially the same, but some insurance companies charge more than others for the same plan G. As you recall, Medicare supplemental plans (Medigap) are regulated so plans with the same letter have the same core benefits and doctor network regardless of which insurance company sells them. Learn why some insurance providers charge more for identical Medigap policies.

Seniors checking different prices from insurance companies.
Seniors checking different prices from insurance companies.

Find out why some Medigap providers charge more than others

There are several reasons why some insurance providers may charge more for the same Medigap plan than others.

  • Age: Medigap premiums are often based on the age of the enrollee. Older individuals may be charged more for a Medigap plan than younger individuals because they are considered to be at a higher risk for medical expenses.
  • Location: The cost of Medigap plans can vary depending on the state in which the individual lives. Insurance companies may charge more for Medigap plans in certain states due to higher medical costs in those areas.
  • Gender: Some insurance companies may charge different rates for men and women, based on their different life expectancies and health risks.
  • Company’s expenses: The company’s expenses such as administrative costs, profit margins, marketing and etc also play a role in determining the premium. Companies with larger market shares often have less risk and can pass those saving on in the form of lower monthly premiums.
  • Added perks: Some plans offer gym membership or vision discounts as ancillary benefits and these can cost more than plans.
  • Pricing structure: Some community-rated or Issue-Aged plans can cost more when you first sign up and less when you are older when compared to age-attained plans.

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The Bottom line for Medigap Pricing

A more expensive Medigap plan does not mean it has more coverage than a less expensive plan with the same letter.  Do not buy the most expensive Medigap plan G because you think you are getting better coverage.  You might get an added gym membership but you will not get more (or less) Medical Coverage.

You can compare different Medigap plan options directly from our website or contact to help you select the right plan for you.