Wisconsin Seniors Risk Overpaying For Medicare Supplement Insurance
Wisconsin residents who are turning age 65 are being advised to compare Medicare insurance policies as a way of achieving significant savings. Rates across Wisconsin for virtually identical Medigap insurance can vary significantly according to the American Association for Medicare Supplement Insurance (AAMSI).
“If you live in Wisconsin, you have a different plan compared to most states. You have guaranteed issue rights to buy a Medigap policy, but the policies are different,” says Jesse Slome, director of the Association. “Basic benefits include inpatient hospital care and covers the Part A coinsurance as well as the Part B coinsurance (generally 20% of the Medicare-approved amount) plus the first 3 pints of blood each year.
“In Milwaukee a man turning age 65 could pay as little as $107 monthly or as much as $230 for basically identical Medigap coverage,” shares Jesse Slome, director of the Association. “If he pays premiums for 10 years, the small amount will add up to well over $10,000 which I would call a significant reason to do a little comparison shopping.”
Rates across Wisconsin did vary according to AAMSI. Medigap insurance is generally less costly in Madison and Green Bay than in Milwaukee their survey finds.
“In Wisconsin we found some plans had added fees,” Slome notes. “There are also available discounts for two-person households. In Wisconsin, they vary from zero to as high as 12 percent,” he reports.
The American Association for Medicare Supplement Insurance 2020 Price Index reports both the lowest and highest insurance rates. To see 2020 Medicare insurance pricing for top U.S. cities visit the organization’s website.
Wisconsin Medicare Supplement 2020 Price Index Findings
MILWAUKEE, WI (Zip 53228)
FEMALE age 65, WI-BASE
Lowest monthly premium: $106.90
Highest monthly premium: $230.40
MALE age 65, WI-BASE
Lowest monthly premium: $117.60
Highest monthly premium: $264.57
MADISON, WI (Zip 53711)
FEMALE age 65, WI-BASE
Lowest monthly premium: $89.14
Highest monthly premium: $194.02
MALE age 65, WI-BASE
Lowest monthly premium: $98.22
Highest monthly premium: $222.80
GREEN BAY, WI (Zip 54324)
FEMALE age 65, WI-BASE
Lowest monthly premium: $89.14
Highest monthly premium: $194.02
MALE age 65, Plan G
Lowest monthly premium: $98.22
Highest monthly premium: $222.80
To locate local Wisconsin Medicare insurance agents consider using the Association’s online directory of local Medicare agents. “The national’s largest listing of Medicare insurance advisors is free to use and completely private,” Slome adds.
Headquartered in Los Angeles, the American Association for Medicare Supplement Insurance is an advocacy and informational organization. The national organization supports insurance professionals who market Medicare Supplement insurance.