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Depending on where you live, there can be 20 or more insurance companies offering Medicare insurance coverage. Finding the best plan can be overwhelming and confusing. And, the prices can vary significantly.
This webpage shares costs for Medigap Plan G. Plan G is the option most individuals chosen by individuals who are turning 65. We also have a webpage showing 2020 rates for Medigap Plan N.
THE COST DIFFERENCE: There is a significant price difference between what insurance companies charge. Take Dallas, Texas (Zip Code 75001) as an example. The LOWEST cost for Medicare Plan G is $99 per-month (female, age 65). The HIGHEST price is S381-per-month (also Dallas, Plan G, female, age 65).
That is a significant monthly difference ($282-per-month). The yearly difference is over $3,300. And, since Medicare Supplement plans are pretty much identical, you have to ask why someone would pay over $3,000 a year more?
Is it because it was the only company they considered? Or, is it because someone recommended that as the best choice?
The American Association for Medicare Supplement Insurance believes an informed consumer makes better choices. With that in mind, we share the following information.
ONE VERY IMPORTANT FINDING: No Medicare insurance company was always the LOWEST cost for Plan G. And, neither was one company consistently the HIGHEST. In fact, our study of 20 Zip Codes found 13 different Medicare insurance companies had either the lowest or the highest prices.
The Association offers the only national directory for consumers asking “how do I find a Medicare insurance agent near me”
The directory is free to use and 100% private. You see the agent’s information. You decide who (if anyone) you wish to reach out to. You can email them privately. Or, call them.
Give it a try. Click the FIND A LOCAL AGENT tab at the top of this webpage.
The Associations 2020 Medicare Insurance Price Index shows rates for 10 top metro markets.
LOWEST COST FOR A WOMEN (2020): The least expensive cost for a woman turning age 65 was $91.78 per-month in Chicago (Zip Code 60601).
HIGHEST COST FOR A WOMEN (2020): The most costly Medicare Plan G rate for a woman turning 65 was $476.04 per month in New York (10012).
LOWEST COST FOR A MAN (2020): For a man turning 65, the least expensive plan was $103.68 per-month in Chicago.
HIGHEST FOR A MAN (2020): The most costly Medicare Plan G for a man turning 65 was $509.10 in Philadelphia (19050).
See a full size PDF image of the 2020 Medicare Plan G Price Index. Click this link.
Savings Tip #1: The best way to save is to make sure you compare costs. Ask the agent(s) you speak with “how many insurance companies are you appointed with?” Appointed is insurance industry jargon. It refers to how many insurance companies the agent can actually sell and earn a commission from. If they can’t earn a commission for selling a particular Medicare policy, chances are they will not be recommending it to you.
Savings Tip #2: Ask what discounts might be available. Many of the insurers offer a “household” discount. They can vary from 3% to as much as 14%. It pays to inquire if one is offered and how it works.
Savings Tip #3: Request a rate increase history. Companies can raise your rate next year. A good agent will be able to share the company’s history of requesting rate increases. That’s not a guarantee that your rate will rise. But it’s valuable information that few consumers ever ask for.
We make available the only 100% free, 100% private directory of independent insurance agents. They help consumers compare Medicare Supplement, Medicare Advantage and Medicare Drug plans.
Find Medicare Insurance Advisors Near Me
Click the link. NO personal information is required to access the directory.