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Medigap Premiums By State Reported by Medicare Supplement Insurance Association
"Some 14 million Americans own Medicare Supplement insurance also commonly called Medigap," states Jesse Slome, director of the Medicare advocacy organization. "While Medicare mandates uniformity in policy coverage, each insurer decides what they want to charge. And, there is a wide spread between the lowest and highest cost."
The Association's analysis examined pricing for an age-65 female applicant who was just enrolling into Medicare. "We selected Plan G because that is the most popular choice among those signing up for Medicare for the first time," Slome acknowledged. "In some places there are only a few available options to compare. However, in many places a consumer has as many as 20 different insurance companies offering a Medigap Plan G plan."
According to the Association's report, the lowest monthly cost found was for Terrace Park, Ohio. "A 65-year-old woman could get covered for as little as $78.21 a month," Slome shares. Compare that to Greenwich Connecticut where the lowest cost was $206.00-per-
"Price is definitely a factor but it's not the only thing we advise consumers to ask about," Slome advises. "Insurance companies can raise rates and finding out the company's history of rate increases can be very important when choosing a plan for the first time. That's where a knowledgeable local Medicare insurance agent can be your most important call." Access the Medigap Premiums 2022 report at https://www.medicaresupp.org/
The American Association for Medicare Supplement Insurance (AAMSI) advocates for the importance of educated planning. AAMSI supports insurance professionals who market Medicare insurance solutions.
The organization makes available a national directory listing local Medicare insurance agents and brokers who offer Medicare Supplement, Medicare Advantage and prescription drug plan information and rate comparisons. Access to the directory is free and completely private. Go to https://www.medicaresupp.org for more information.