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Depending on where you live, there can be 20 or more insurance companies offering Medicare insurance coverage. Finding the best Medicare Insurance Plan N rates can be overwhelming and confusing. The prices can vary significantly.
2020 FACT: The 2020 Medicare Insurance Price Index compared current costs for 10 top metropolitan areas. You can see the rates below. We report the LOWEST COST and the HIGHEST COST for identical coverage.
Medigap Plan N Costs. Plan N is one of the options available, Medicare Supplement Plan G is typically the most popular plan. Click the link to see the webpage showing 2020 rates for Medigap Plan G.
THE COST DIFFERENCE: When you look at the image below, you will see that there is a significant price difference between what insurance companies charge. Take Washington D.C. (Zip Code 20005). The LOWEST cost for Medicare Plan N is $78.06 per-month (female, age 65, non-smoker). The HIGHEST price in Washington is S242.12-per-month (Plan N, female, age 65, non-smoker).
That is a significant monthly difference ($164-per-month). The difference is over $1,969 each year. And, since Medicare Supplement plans are pretty much identical, you have to ask why someone would pay nearly $2,000 a year more?
Is it because they only looked at one insurance company’s plan?
The American Association for Medicare Supplement Insurance believes an informed consumer makes better choices. With that in mind, we share the following information.
NO COMPANY WAS ALWAYS THE CHEAPEST: That is correct. insurance company was always the LOWEST cost for Plan G. And, neither was one company consistently the HIGHEST.
The Association offers the leading 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. Decide who (if anyone) you wish to reach out to. Then 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. Medicare Insurance Plan N 2020 rates.
FEMALE: LOWEST COST (2020): The least expensive cost for a woman turning age 65 was $77.99 per-month in Dallas (Zip Code 75001).
FEMALE: HIGHEST COST (2020): The most costly Medicare Plan N rate for a woman turning 65 was $385.60 per month in Philadelphia (19050).
MALE: LOWEST COST (2020): For a man turning 65, the least expensive plan was $85.79 per-month in Dallas.
MALE: HIGHEST COST MAN (2020): The most costly Medicare Plan G for a man turning 65 was $435.00 in Philadelphia (19050).
See a full size PDF image of the 2020 Medicare Plan N Price Index. Click this link.
Savings Tip #1: The best way to save money on Medigap insurance is to make sure you compare costs. Ask the agent(s) you speak with this question. “How many insurance companies are you appointed with?” Appointed is an insurance industry term. It reflects how many insurance companies the agent can actually sell and earn a commission from. If the agent 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 when two people reside together. They can vary from 3% to as much as 14%. Different rules apply. Before you buy, it is smart to inquire if any discounts are available and how they work.
Savings Tip #3: Request a rate increase history for the company’s Medicare insurance policies. Companies can raise your Medicare insurance 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.
The Association makes available the only 100% free, 100% private directory of independent insurance agents. They’ll compare rates for Medicare Insurance Plan N. 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.