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When you are turning 65 your mailbox is filled with solicitations from Medicare insurance companies and insurance agents. Compound that with the almost non-stop Medicare insurance solicitation ads on television. It can be overwhelming and confusing. There are many decisions and many choices. And, they are all important ones.
Here is one fact that rarely is shared. It is an especially important piece of information for those considering Medicare Supplement (Medigap) insurance coverage.
FACT: The cost for identical coverage can vary by 250 percent for Plan G (maybe even a little more). This webpage will focus on Plan G BECAUSE this is the option most individuals turning 65 will select.
THE COST DIFFERENCE: The Association conducts an annual Price Comparison. For 2020, we compiled data for all available plans for specific Zip Codes. HERE’S WHAT WE FOUND: There is a significant price difference. Take Dallas, Texas (Zip Code 75001) as an example. The LOWEST cost for Medicare Plan G is $99 per-month (female, age 65). The HIGHEST price is S381-per-month (female, age 65).
That is a significant monthly difference. Now imagine the yearly difference. And, because Medicare Supplement plans are pretty much identical, you have to ask why someone would pay over $3,000 a year more? Is it because it was the only company they considered? Is it because someone recommended that as the best choice?
The American Association for Medicare Supplement Insurance believes an informed consumer can make better choices. With that in mind, we share the following information.
PRICE DIFFERENCES FOR EVERY ZIP CODE: The Association’s 2020 Price Comparison examined costs for Medicare Plan G costs for Top 10 U.S. Metro Areas. The chart shows the increase in costs for both men and women who will be first applying at age 65.
As you can clearly see, the prices can vary from just a little for the Boston Zip Code (02115). They can vary significantly for Philadelphia (19050) or Dallas (75001). A 100% difference means you’ll pay twice as much. A 200% difference means you could pay three times as much!
ONE VERY IMPORTANT FINDING: No one Medicare insurance company was consistently the LOWEST cost for Plan G. No one company was the HIGHEST. In fact, for the 20 Zip Codes – our survey found 13 different Medicare insurance companies had either the lowest or the highest prices.
The Association offers the only national directory for consumers asking “how do I find a Medicare insurance agent near me?”.
It’s free to use and 100% private. You see their info and can select who (if anyone) you wish to reach out to. Email them, Or call them.
Give it a try. Click the FIND A LOCAL AGENT tab at the top of this webpage.
To give you a flavor of how much prices for Medicare Supplement can vary from one insurance company to the next, we share the example from our 2020 Price Comparison.
LOWEST FOR WOMEN (2020): The least expensive cost for a woman turning age 65 was $99 per-month in Atlanta (Zip Code 30313), Dallas (75001) and Washington D.C. (20005). Three different insurance companies offered these rates.
HIGHEST FOR WOMEN (2020): The most costly Medicare Plan G rates for a woman turning 65 was $476 per month in New York (10012) and $451 in Philadelphia (19050).
LOWEST FOR MAN (2020): For a man turning 65, the least expensive plan was $109 per-month in Dallas. It was $115 in San Francisco (94105).
HIGHEST FOR MAN (2020): The most costly Medicare Plan G for a man turning 65 was $509 in Philadelphia (19050). The next most costly was in New York City (10012) where the monthly high premium was $476.
#1 Best Way to Save is to make sure you are comparing costs. Ask the professional you are working with how many insurance companies they “are appointed with”. Appointed is insurance industry jargon that stands for how many insurance companies the agent can actually sell and earn a commission from. If they can’t earn a commission for selling a particular company, chances are they will not be recommending it to you.
#2 Way to Save: Ask what discounts might be available. Many of the insurers offer a “household” discount. It pays to inquire if one is offered and how it works.
Check Out The ONLY Directory of Local Medicare Insurance Agents In Your Area … 100% Free … 100% Confidential
The American Association for Medicare Supplement Insurance maintains the nation’s leading directory of independent insurance agents who help consumers compare Medicare Supplement, Medicare Advantage and Medicare Drug plans.
Use our free Zip Code directory to find agents in your area. You’ll see their info and decide who (if anyone) you want to contact.
Click Here To Access The Directory Now