Medicare Supplement Costs: What You Should Know

Before purchasing a Medigap plan you need to understand plan pricing

by Katie Banks+ on Aug 19, 2016 | 1 Comment

The price of a Medicare Supplement Plan (AKA Medigap) depends on your age, zip code, plan you select and the company who provides it. So the only way to find out how much it will cost you is to get a quote. You can get a quick Medigap quote without entering your personal information at the link at bottom of this page. Before you purchase a plan you will want to consider the following:

 

Medigap Prices Vary by Plan

There are currently 11 Medicare Supplement plans available for purchase:  A, B, C, D, F, F high deductible, G, K, L, M and N. Each Medigap plan offers different levels of benefits, therefore each lettered plan is priced differently. 

Learn More about Medigap Get a Medigap Quote

Medigap Prices Vary by Company

While all Medigap plans with the same letter have the same exact benefits private insurance companies that offer them charge different rates. For example, one provider will sell a Medigap Plan F for $200 a month while another provider will sell the exact same plan for $220. The only reason you would want to select a higher priced same lettered plan is if you feel you could get better service or feel that the company that sells the plan is more established and trustworthy.

Medigap Prices Vary by Age

Most Medigap plans will charge you more money as you get older. It is important that you look at the rate sheet to see how much the price goes up for each age group to get an idea of what you have in store in the future. Some insurance companies start off low but increase dramatically over the years. Others stop increasing the rate at 75, others 85 and still others continuing increasing rates past 99,  so its worth comparing rate sheets.

You may have heard about community-rated medicare and issue-age plans. While these pricing option exists, most companies that offer these options have found a way to increase the price as you get older. Also, issue-age plans are few and far between.

Check for Medigap Premium Discounts

Some Medicare Supplement companies will offer a discount on your premium. Here are a few examples of discounts that may be available: 

  • You and your spouse sign up together
  • You sign up for autopay
  • You are new to Medicare

If you’re ready to sign up for Medigap click here to get a Medigap instant quote or call one of our Senior65 licensed independent insurance agents at 800-930-7956.

 

 

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Reader Comments and Questions

(Click here to leave a comment)

By Lucy on August 30, 2016

My husband is 67 and already enrolled in Plan G with a company that offers a household discount, but I'm just turning 65 in December. Will we get that discount? Or am I being punished for marrying an older man ;)

Lucy,
Ha! You're in luck! If the company offers a household discount, it should be applied once you are Medicare eligible and apply for a Medigap plan form the same company as your spouse. To learn which companies offer a Medigap household discount, call one of our Senior65 licensed independent insurance agents at 800-930-7956.
-Amy from https://www.senior65.com/



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