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Information for Chicago area consumers seeking the best Medicare insurance options, plans and costs.
The following information is provided by the American Association for Medicare Supplement Insurance. It is intended to provide a general overview. The Association does NOT sell insurance. We encourage you to connect with a local Medicare insurance agent who can help you compare available policies and costs.
For those who are turning 65, you have many choices. They can be confusing to say the least. While Medicare is a NATIONAL program, your choices are very LOCAL. Plans available in one Zip Code may not be available in another.
Plus, there are often many plans to compare. Take Medicare Supplement insurance (often called Medigap). Chicago residents can have 20 or more different Medigap plans to compare.
HERE’S WHY IT IS SO IMPORTANT TO COMPARE
The Association compared available Medigap plans for Zip Code 60007. Costs vary (significantly). In addition, some companies offer a HOUSEHOLD DISCOUNT (not all do). This can reduce the cost by as much as 15%.
The following compares Medigap Plan G plans. The majority of individuals who are ‘new to Medicare’ and selecting Medigap coverage pick Plan G. All Plan Gs are basically the same BUT insurers decide how much they want to charge.
Female, Turning age 65 – Plan G, non-smoker
LOWEST MONTHLY PREMIUM: $110.39
HIGHEST MONTHLY PREMIUM: $239.83
Potential savings by selecting the right insurer, $1,548 a year!
Male, Turning age 65 – Plan G, non-smoker
LOWEST MONTHLY PREMIUM: $124.19
HIGHEST MONTHLY PREMIUM: $275.80
Potential savings by selecting the right insurer, $1,812 a year!
A local Medicare insurance agent can help you compare options (Medicare Supplement versus Medicare Advantage).
They can help you compare and find the best rates (costs).
Perhaps most important, they can be there when you have future questions or needs.
Find local Medicare insurance agents using the Association’s free online directory. It is 100% private. All you enter is your Zip Code to see the listing.
The millions of dollars spent on television ads promoting Medicare generally focus on Medicare Advantage plans. Who can resist the lure of no cost and all those wonderful free benefits?
No doubt, millions of consumers today are picking Medicare Advantage (Part C) plans. And, indeed, for many it’s the best choice.
But we believe a smart consumer still needs to compare.
First of all, there are many different Medicare Advantage plans available to Chicago area seniors.
There are some costing $0 with a maximum out-of-pocket of $2,900 annually. Others have a maximum out-of-pocket of $5,900. That’s a $3,000 potential difference not mentioned in the television ads.
Some have a drug deductible of $480 a year. Others have a $0 annual drug deductible.
Many plans have earned a 4-Star Medicare rating. But, not all. Many have a 3-star rating which simply means consumers are not as happy. The ratings are given by Medicare based on some extensive surveys.
So, if you are considering Medicare Advantage, it does pay to speak to a local Medicare insurance agent who is knowledgeable in BOTH Medicare Advantage and Medicare Supplement Options.
Free Medicare drug plan comparison information
Medicare insurance statistics and data