The benefits of a Medicare Supplement plan are standardized, so the same plan has identical benefits across carriers. However, Medicare Supplement costs such as premiums will vary by the beneficiary. Three of the significant factors that impact your Medicare Supplement rates are your location, age, and gender.
To help you understand how the cost of the same Medicare Supplement plan varies per individual, we include examples of Medicare Supplement rate quotes from three ZIP Codes across the United States, for people of different ages and genders. Please note that all of our examples are for non-tobacco users. If you use tobacco, you can expect to see premiums that are 10% higher.
What is the Average Cost of Medicare Supplement Plan F?
Medicare Supplement Plan F offers the most comprehensive coverage of all the Medigap plans, making it the most popular plan for those who qualify. In the charts below, you will see that premiums for this plan are a bit more expensive than the other plans, ranging from $251 to $524 for our examples.
As you can see, Medicare Supplement costs, such as premium rates, vary by location. In most states, women pay less in premiums than men, as women tend to live longer. However, not every state follows this pattern. You may notice that New York is one of the states that does not. Because New York is a guaranteed issue state, most of their plans are community rated. Thus, monthly premium costs are the same, regardless of gender.
You’ll also see it’s best to enroll in a Medicare Supplement plan when you become eligible at age 65 instead of waiting. You can see from the table above that your Medicare Supplement costs may be higher at 75 compared to 65 years old. Medicare Supplement costs, including premiums, are always subject to increase every year, but you will likely start with higher Medicare Supplement premiums the older you are when you enroll.
Average Cost of High-Deductible Medicare Supplement Plan F
High Deductible Medicare Supplement Plan F offers the same benefits as standard Medicare Supplement Plan F, but you must reach a higher deductible before receiving coverage. While it may take a while to reach the deductible, premiums for this Medicare Supplement plan are lower. Below, we show an example of how Medicare Supplement costs are lower on this plan for the same people in Nevada as the example above for standard Medicare Supplement Plan F.
What is the Average Cost of Medicare Supplement Plan G?
The most popular plan for newly eligible beneficiaries is Medicare Supplement Plan G, as they can no longer enroll in Medicare Supplement Plan F. The second-most comprehensive Medigap plan, Medicare Supplement Plan G covers everything that Plan F does, except for the $226 Medicare Part B deductible.
Average Cost of High-Deductible Version of Plan G
A high-deductible version of Medicare Supplement Plan G is also available. It offers the same benefits as standard Medicare Supplement Plan G but with higher costs. High Deductible Medicare Supplement Plan G has higher costs as it requires a higher deductible in exchange for lower monthly premiums. This plan is similar to Medicare Supplement Plan F’s high-deductible option before it. Below, you’ll see that the monthly premiums for the same people in New York are lower than they were on standard Plan G.
What’s the Average Cost of Medicare Supplement Plan N?
Medicare Supplement Plan N premiums and costs skew lower than those of the other two of the top three Medigap plan options. With Medicare Supplement Plan N, you’ll be responsible for some additional costs such as copayments, but aside from that, it covers everything Medicare Supplement Plan G covers except for excess charges. Yet, this is not a downside if you live in a state that doesn’t allow excess charges to begin with.
Average Cost of Other Medicare Supplement Plans
The letter plan itself is a factor that affects your Medicare Supplement costs and premium rates. Less popular Medicare Supplement plans are priced differently than the top three. This is due to the lesser benefits they offer. Let’s take a look at sample rates for the rest of the Medicare Supplement plans.
Like Medicare Supplement Plan F, Medicare Supplement Plan C is considered first-dollar coverage. This means that the plan begins to pay from the first dollar Medicare does not cover. Thus, the beneficiary pays no out-of-pocket costs.
Medicare Supplement Plan D covers everything that Medicare Supplement Plan C does, except for costs such as Medicare Part B excess charges. Again, this isn’t a concern if you live in a state that doesn’t allow excess charges.
Medicare Supplement Plan K comes with 50% cost-sharing, making the Medicare Supplement plan costs such as premiums lower than most. It also doesn’t cover the Part B deductible or excess charges.
How to Get Accurate Medigap Premium Rate Quotes
The average Medicare Supplement plan costs listed above are only examples of what you might pay for a Medicare Supplement plan around the country. The monthly premium you pay may be similar, but it can also be drastically higher or lower than our averages. The only way to get your accurate Medicare Supplement rate quotes is to speak to our licensed insurance agent.
Call us at the phone number above, and we’ll prepare a free, no-obligation Medicare Supplement rate comparison. We work with clients in all 50 states, and we represent several of the top-rated Medicare Supplement companies. If you can’t call now, you can also complete our online rates form, and we’ll produce a personalized rate comparison suited for you.