2023 Illinois Medigap Insurance Costs Released

Illinois Medigap insurance costs can vary significantly. A Chicago woman turning 65 can pay from $109 to $241 monthly for coverage.  Seniors living in Springfield will pay less. A woman turning 65 can pay from $96 to $225 monthly for coverage.

The following are some of the leading insurance companies offering Medigap plan coverage in Illinois. Each company sets their own rates as well as applicable discounts.

• Ace Property & Casualty
• Aetna Health
• Aflac
• Allstate Health Solutions
• Anthem
• Bankers Fidelity
• Blue Cross/Blue Shield Illinois
• Cigna Health & Life
• Guarantee Trust Life
• Humana Insurance
• Manhattan Life
• Medico
• Mutual of Omaha
• New Era Life
• UnitedHealth Group (AARP)

Illinois Medigap Insurance Costs

Here are 2023 monthly Medigap (Medicare Supplement) rates for an Illinois male/female turning 65. The rates are for Plan G, non-smoker:

Chicago., IL, Zip Code 60007

• Lowest Cost (male): $122.85
• Highest Cost (male): $275.80
• Lowest Cost (female): $108.75
• Highest Cost (female): $240.61

Aurora, IL, Zip Code 60502

• Lowest Cost (male): $117.08
• Highest Cost (male): $275.80
• Lowest Cost (female): $105.92
• Highest Cost (female): $240.61

Springfield, IL, Zip Code 62629

• Lowest Cost (male): $108.75
• Highest Cost (male): $259.23
• Lowest Cost (female): $96.49
• Highest Cost (female): $225.42

Source: 2003 Medicare Supplement Insurance Price Index prepared by the American Association for Medicare Supplement Insurance (Dec. 26, 2022). Prices subject to change. Only a licensed Illinois insurance agent can quote and provide actual, current insurance costs.

Medigap Facts For Illinois Seniors

Medigap is also known as Medicare Supplement insurance. Here are a few important things you should know when considering the coverage.

• Medigap plans are identified by letter names.
• Plan G is the most comprehensive.
• It is also the most popular among seniors turning 65.
• Insurers each set monthly premium rates.
• Rates can vary significantly, by 100% or more.
• Insurers may offer discounts that range.
• A Policy Fee may be added by others.
• No insurer is always the cheapest, nor the most expensive.
• A good Illinois Medicare broker will represent multiple insurers.
• Switching Medigap plans in the future may be difficult.
• Ask about an insurer’s history of rate increases.

Finding The Best Medigap Costs

Medicare is NATIONAL. But when it comes to Medicare insurance your options are LOCAL.

The Association makes available the leading online directory that lists Illinois Medicare insurance agents by Zip Code. It’s free to use. And, also 100% private.

Click above to access the directory listing Illinois Medicare insurance agents.

To get the best Medicare plan options, we believe it is smart to speak with one (or even two) local Medicare agents. A local broker will generally know what’s available in your area. They should be able to tell you which plans others are pleased with.

Not all agents are equal in terms of what they can sell you. Some can only represent and sell you insurance from one company. These are referred to as ‘agents’. Now, the plan they represent may be your best option. But, if there is a better option, chances are they won’t tell you about it.

Insurance brokers are appointed with multiple companies. They can sell you insurance from any of these insurers.  No insurance broker will be appointed with all the companies. But, it’s smart to ask them for the names of companies they are ‘appointed’ with. That means they can sell those companies.

Medicare Supplement versus Medicare Advantage

Medicare Supplement is one of the options available for you. These plans supplement the gaps in Original Medicare (Parts A and B).

You likely will want to consider Medicare Advantage (Part C). While these plans have the word Medicare in their name, they are actually private insurance plans.

There are define pros and cons to both options. Often Medicare Advantage plans have no cost. They may include added benefits like vision and dental. But, they generally require you use their network of medical professionals. Medigap does not have such a limitation. You can see any medical professional or facility that accepts Medicare.

Deciding which option is better for you can be difficult. Once again, that’s why we strongly recommend speaking with a local Medicare insurance professional. They do not charge to speak or even meet with you.

Illinois Medicare Insurance Costs Vary, How Come?

Each insurer sets their own rates. And, they can change rates yearly. So, the insurer offering the lowest rate at age 65, may subject you to a significant rate increase next year. And then the year after that. So on and so on.

Switching Medicare policies may be an option. But not for everyone. Sometimes the decision you make initially can limit your options down the road.

That’s one of the questions far too few ask when buying Medicare coverage. Ask, ‘if I want to switch to different coverage or a different insurer down the road, can I?’. Once again, this is a reason we strongly believe a local Medicare agent (broker) can help you get the best coverage for today as well as tomorrow.

Additional Medicare Information You May Find Of Value

Thank you for reading our tips for finding the best Illinois Medigap insurance costs. Now, please click on any of the links (below). Read other recent news stories or reports containing information we believe you may find of value.

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