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The difference between the least costly and most expensive Medicare Supplement insurance policy in major cities across Pennsylvania can vary by as much as 103.5 percent. Those are the findings of the 2018 Medigap Price Index published by the American Association for Medicare Supplement Insurance (AAMSI), an industry trade organization.
“While Medicare Supplement insurance policies are standardized, each insurer offering policies in Pennsylvania sets their own prices ,” explains Jesse Slome, director of the Association. “The difference between the lowest and highest monthly cost can be significant.” AAMSI compared rates for both men and women age 65 across major U.S. markets.
For five cities reported, the largest difference between the lowest available cost and the highest was found in Philadelphia. “The difference was 103.5 percent for both a 65-year old woman purchasing Plan F coverage,” Slome shares. The difference for a comparable male was 93 percent. Medigap Plan F is the most popular option among seniors accounting for nearly 60 percent of all sales. The terms Medicare Supplement and Medigap are used interchangeably according to Slome.
Across the state, the lowest cost for a 65-year-old female purchasing a Medigap Plan F policy was $122.74-per-month in Erie and Allentown. The highest cost for Plan F was $457.75 in Philadelphia. The highest cost in Erie and Allentown was $327.62 according to the analysis. Details of the 2018 cost comparison findings for Pennsylvania Medicare Supplement costs for Allentown, Erie, Philadelphia and Pittsburgh can be accessed via the organization’s website at https://medicaresupp.org/costs-medicare-supplement-insurance/.
“We don’t necessarily recommend buying the least expensive Medigap policy,” Slome admonished. “But we do recommend Pennsylvania seniors learn about cost differences before locking into a policy or a particular insurance company.”
The Association provides free access to a national Find A Local Medicare Insurance Agent online directory providing information on nearly 1,000 professionals listed by Zip Code. No information need be entered to access the director at the Association’s website, www.MedicareSupp.org.
The American Association for Medicare Supplement Insurance advocates for the importance of planning and supports insurance professionals who market Medicare-related insurance products. The organization’s website contains relevant research and information designed to help consumers make educated choices in their planning.