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Individuals could pay more than three times more for virtually identical Medicare Supplement insurance coverage according to the American Association for Medicare Supplement Insurance (AAMSI).
According to the Association’s 2020 Turning 65 Price Comparison, a woman in Dallas could pay as little as $99-a-month for Medicare Plan G coverage or as much as $381-per-month.
“In every city we looked at, there is a significant difference between the lowest available price and the highest,” shares Jesse Slome, AAMSI’s director. The organization compared pricing for Medigap Plan G in the 10-largest metro markets.
“Those turning 65 this year no longer have Plan F available, which was the most popular option,” Slome explains. “We expect Plan G will now be the most popular option and the one we compared for this study.”
Insurers each set pricing for their plans with some 13 different companies offering either the lowest or the highest price for the 10 cities studied. “No single Medicare insurance company was consistently the lowest and neither was any one company regularly the most costly,” Slome notes.
The lowest cost for a male age 65 was $109-per-month available in Dallas. The highest cost was $509-per-month in Philadelphia.
“The 11,000 Americans turning 65 every day are inundated with solicitations from Medicare insurance companies and marketing organizations,” Slome admits. “Each touts the virtues of their particular plan and it can be overwhelming and confusing. But what the 2020 study makes clear is the importance of comparing costs before making this important decision.”
The Association makes available the only national online directory where consumers can find local Medicare insurance agents. “There are roughly 1,000 Medicare insurance agents listed on the directory that is free and completely private to use,” Slome acknowledges. “There is no sign-in or personal information gathered.”
To see summarized results from the 2020 Medicare Cost Comparison and several tips for consumers, go to www.medicaresupp.org/medigap-plan-g-costs-2020/.
The American Association for Medicare Supplement Insurance is an advocacy and informational organization that supports the industry and insurance professionals who market Medicare insurance options. To access the free, private online directory of Medicare insurance agents go to www.medicaresupp.org/find-local-agent/.