2023 Medigap G Price Index Released
Medigap G Price Index Issued (March 15, 2023): Rates for many Medicare Supplement policies increased 6 percent compared to 2022 according to new analysis conducted by the American Association for Medicare Supplement Insurance (AAMSI).
The 2023 Medicare Supplement Price Index reports the lowest and highest rates for men and women turning age 65. The analysis shares Medigap Plan G premiums across 10 major U.S. markets. AAMSI previously reported that Plan G is the most popular choice among seniors turning 65 and opting for Medicare Supplement (Medigap) coverage.
“Medigap rates increased in 28 of the 40 results,” reports Jesse Slome, director of the organization. “However, in 10 instances, there is a nominal decrease in the lowest monthly rates available.”
Lowest Medigap Cost Found In Dallas – Highest In Phoenix
The lowest available rates for Medigap continue to be available in Dallas. “A woman turning 65 can find Plan G coverage for as little as $99 a month,” Slome shares. “By comparison, the lowest cost for a woman living in Manhattan is $282. In Los Angeles, the lowest monthly premium available is $143.”
Highest available premiums were found in Phoenix and New York City. “One insurer charges men turning age 65 just over $532 monthly for Plan G coverage,” Slome notes. “That is significantly higher than the $397 rate we reported in 2022 and more than 4 times the cost of the lowest available cost.”
View The 2023 Medigap Plan G Price Index
Comparison Shop – Connect With A Local Medicare Insurance Agent
The Medicare insurance expert explained the increased importance of Medicare comparison shopping.
“The spread between the lowest and highest available prices increased and typically is at least 100 to 200 percent. In some markets there are 20 different insurers offering Medigap policies which can make comparison shopping more difficult.”
The organization makes available a free online directory listing local Medicare insurance agents. “Medicare is a national program but plan options are local,” Slome stresses. “It pays to speak with at least one local pro before making this important decision.”
The Association’s directory lists agents by Zip Code. No personal information is needed to access and view the directory listing.
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